Trifast PLC (TRI) - Half Yearly Financial Report- September 2012 RNS Number : 9439Q Trifast PLC 13 November 2012 Issued by: TooleyStreet Communications Date: Tuesday, 13 November 2012 Immediate release Trifast plc ("TR", "the Group" or "Trifast") Half-yearly financial report for the six months ended 30 September 2012 Key Financials % change H1 H1 H2 Full year Sept 2012 30 September 30 September 31 March 31 March v 2012 2011 2012 2012 Sept 2011 Continuing operations Revenue +10.5% £61.25m £55.44m £57.07m £112.51m Gross profit +11.6% £15.90m £14.25m £14.58m £28.83m Underlying EBITDA * +50.3% £4.60m £3.06m £3.48m £6.54m EBITDA +54.2% £4.55m £2.95m £3.63m £6.58m Underlying pre-tax +51.9% £3.60m £2.37m £2.63m £5.00m profit* Pre-tax profit +59.2% £3.39m £2.13m £2.63m £4.76m Basic earnings per +28.8% 2.28p 1.77p 1.68p 3.45p share Adjusted diluted +25.0% 2.30p 1.84p 1.92p 3.76p earnings per share *Before IFRS2 charge, acquisition expenses, and restructuring credit/(costs) Highlights · Underlying pre-tax profit up 52% at £3.60 million on corresponding period last year following the acquisition of PSEP · TR regions: -UK profit growth with margins improving -Europe steady growth continues -USA now profitable with ambitious plans for 2013 -Asia (excl PSEP) achieved growth following Thai Floods and Japanese Tsunami -PSEP integrating well and major contributor to Group's 10.5% revenue growth -Overall, TR Asia showed an impressive 42.9% revenue growth against the corresponding period last year · Over 60% of Group sales now from outside UK · Automotive contracts for new models providing increasing revenue pipeline into 2013 and beyond · International 'Supplier of the Year' Awards from two key global multinational customers -creating new opportunities in the USA · Growth sustained with a reduced overhead percentage and headcount compared to FY March 2012 "When we reported back in June this year, we termed our business outlook as "A World of Opportunity", and happily, nothing has occurred since then to dull our optimism in overall Group performance going forward. "We remain mindful of the continuing macro uncertainties particularly in the Eurozone; however, the current levels of business dynamics lead management to remain confident in the prospects of the business for both this financial year and the next." Enquiries: Trifast plc TooleyStreet Communications Arden Partners plc LSE Ticker: TRI IR & media relations Stockbroker & financial adviser Today : +44 (0) 20 7614 Fiona Tooley, Director Adrian Trimmings 5900 Today: Tel: +44 (0)7785 +44 (0)20 7614 5920 Malcolm Diamond MBE, 703523 Executive Chairman or Tel: +44 (0)7979 518493 Mark Belton, Group Finance Graeme Cull, Consultant Director Tel: +44 (0) 7976 228397 +44 (0)7710 177459 Thereafter: +(0) 1825 Thereafter: +44 (0)121 309 747630 0099 Conference dial-in facility is available for the analyst briefing which is being held at 9.30am (UK time) today - further details can be obtained from TooleyStreet Communications on +44 (0) 7976 228397 or +44 (0)7785 703523. Trifast plc Half-yearly financial report for the six months ended 30 September 2012 STATEMENT BY THE EXECUTIVE CHAIRMAN, MALCOLM DIAMOND MBE AND CHIEF EXECUTIVE, JIM BARKER Introduction In previous statements we have talked about our 'self-help' opportunities, especially by improving our buy/sell margins, percentage overhead content and logistics efficiencies. The benefits of this ongoing focus continue to reveal themselves, particularly as the older low margin contracts gradually expire and are supplanted by more commercially attractive arrangements resulting from our improved negotiating tactics. Other 'bite size' initiatives across many of our TR business teams have enabled the Group's net overhead (before F/X) to drop below 19.0% (HY 2011: 20.7% FY2012: 20.4%) with headcount remaining relatively stable. Key Financials Group revenue in the first six months of the financial year was up 10.5% on the corresponding period from last year, with growth coming from the acquisition of Power Steel and Electro-Plating Works Sdn. Bhd. ('PSEP') in December 2011. However, we have also seen TR Asia'sexisting businesses organically grow by 8.6% on H2 2012 in its own right; revenue in the Asian region as a whole increased 42.9% against H1 2012 and 22.6% against H2 2012. TR Europe/TR USAalso witnessed revenue growth of 5.1% and 6.6% against H1 & H2 2012 respectively, as new pipeline wins started to flow through. Revenue within TR UKfell slightly as a result of a general reduction from UK and EU distributors. Underlying Group profit has increased substantially by 51.9% to £3.60 million compared to H1 2012, despite the Group suffering foreign exchange losses of £0.36m. Gross margins continued to improve during the first half period rising to 26.0% with all of the TR regions showing organic growth in their underlying profits. Within the UK, despite the drop in revenues, strong margins and the benefits of overhead rationalisation undertaken in previous years has resulted in profit growth of 8.6% on HY1 2012 and 20.9% on H2 2012. Europe/USA has seen its profit in the first six months exceed the total profit this segment achieved in FY 2012, due to the increased revenue witnessed in the period as well as the closure of selected sites in our US operation last financial year improving its operational efficiency. Within Asia, clearly the largest contributing factor to the Region's 38.0% growth in underlying net profit was PSEP compared to HY1 2012. The Group's underlying EBITDA increased to £4.60m (HY 2012: £3.06m) and represents 7.5% of Group revenue (HY 2012: 5.5%). Basic earnings per share increased by 28.8% from 1.77p to 2.28p (FY2012: 3.45p), whilst Adjusted diluted earnings per share increased 25.0% to 2.30p compared to H1 2012. Balance Sheet, Cash flow and Working capital Net assets increased 3.3% to £55.28m from £53.49m (FY 2012) as a result of the Group's profitability. Stock has remained relatively stable in spite of additional working capital requirements to support new automotive contracts, with gross stock weeks reducing slightly to 22.0 weeks from 22.1 weeks at the end of the last financial year March 2012. Operating cash flow before changes in working capital and provisions was £4.58m benefitting from the strong EBITDA. This was offset by a reduction in provisions of £0.82m, largely reflecting the surrender payments required to exit the onerous leases as already highlighted in the 2012 Report & Accounts and also an increase in Working Capital of £1.28m which, as a percentage of sales, has improved slightly. After tax paid, Net cash from operating activities was £1.69m (H1 2012 (£0.03m); FY 2012 £3.74m). To support future growth in the Asian region, capital expenditure increased in the first-half to £0.47m predominantly represented by plant and machinery. Finance and Banking facilities Gross debt in the period reduced by £0.08m to £20.13m reflecting largely the repayment of the Term loans in the Company and within Asia of £1.47m as per the agreed repayment schedules, offset by an increase in the utilisation of the UK's Asset-based lending facility ('ABL') by £1.37m. Net debt also fell by £0.71m to £7.70m reflecting the increase in cash and cash equivalents of £0.63m generated from around the Group during the period. The Company's Term loan outstanding as at 30 September, 2012 was £0.33m; this will be fully repaid by 31 December 2012. The Group will continue to use the ABL facility within the UK and is currently in the process of finalising banking terms to ensure that the Group has adequate headroom and working capital resources to achieve both its short-term financial objectives and to deliver its strategy going forward. This will be completed by the end of the existing agreement which is due for renewal in February 2013. Net interest was £0.37m (HY 2011 £0.30m; FY 2012: £0.63m) with Net interest cover (defined as EBITDA to net interest, before one-off separately disclosed items) increasing to 12.4 times (H1 2012 10.3 times; FY 2012 10.4 times). Business Review When we reported back in June this year, we termed our business outlook as "A World of Opportunity", and happily, nothing has occurred since then to dull our optimism in overall Group performance going forward. When reviewing each of our TR business teams in Europe, Asia and the USA, most are enjoying both revenue and bottom line growth, with the only exceptions being sales to UK and EU Mainland fastener distributors. Our research into these results point clearly to a lack of confidence in allowing stocks to increase, coupled with decreased volume demand generally. At no time have we assumed that TR would be totally immune from the Eurozone malaise, so our planning has accommodated this trend, and it has been off-set by increasing EU automotive new business revenue, plus UK demand for TR Direct (next day delivery of standard products) has increased by nearly 5.0% in the period - hence overall, the result is virtually neutral. Meanwhile, we are happy to confirm that during this period the Asian OEMs, badly disrupted by the floods in Thailand and the Tsunami in Japan, have recovered momentum in their demand for our products. Last June, we reported our success in winning Lear Corporation's prestigious 'Supplier of the Year Award' presented to TR in Detroit; in October 2012, a similar award was presented to TR by JCI at a ceremony in Germany. These awards will provide powerful tangible support to our roll out sales strategy to the dozens of individual seat assembly plants operated by these market leading corporations not only in Europe, but also China and the USA. In addition to our organic growth, we continue to look for opportunistic 'niche' bolt-on acquisitions that enhance our manufacturing capabilities in order to serve existing market sectors. This strategy is pursued by our ongoing research and networking within our industry overseas in order to look for targets that meet our strict criteria, with the ability to return prompt shareholder value being one of our top priorities. Returning to a Progressive Dividend Stream In September, we were pleased to achieve one of the Board's key objectives - to sanction the return to paying a dividend. After a four-year absence; a dividend of 0.50 pence per ordinary share for the year ended March 2012 was distributed to shareholders on 18 October 2012. We remain committed to a progressive dividend policy and also balancing our investment in the business for the future benefit of all stakeholders, customers and colleagues alike. We look forward to updating shareholders on this once more at the time of our next 2013 Preliminary announcement. Summary & Trading Outlook The Board continues to sustain its commitment to driving affordable and profitable growth into 2013 and beyond, so continuing the aim to build upon Trifast's evolving reputation for 'under promising and over delivering' on performance. We remain mindful of the continuing macro uncertainties particularly in the Eurozone. However, the current levels of business dynamics lead management to remain confident in the prospects of the business for both this financial year and the next. The Board looks forward to reporting on the Group's progress at the next IMS in February 2013. Trifast plc: Responsibility Statement We confirm that to the best of our knowledge: (a) the Condensed Consolidated financial statements contained in this document have been prepared in accordance with International Accounting Standard 34 ("IAS 34"), "Interim Financial Reporting" as adopted by the European Union; (b) the Half-yearly financial report for the six months ended 30 September 2012 contained in this document includes a fair review of the information required by the Financial Services Authority's Disclosure and Transparency Rules ("DTR") 4.2.7R (being an indication of important events that have occurred during the first six months of the financial year and their impact on the condensed set of financial statements; and a description of the principal risks and uncertainties for the remaining six months of the year); and (c) This document includes a fair review of the information required by DTR 4.2.8R (disclosure of related party transactions and changes therein). By order of the Board Malcolm Diamond Executive Chairman Jim Barker Chief Executive Officer 13 November 2012 Editor's Note: Group website:www.trifast.com Trifast's trading business TR Fastenings is a leading international manufacturer and distributor of industrial fastenings to the assembly industries, with operations in Europe, the Americas and Asia. For more information, please visit www.trfastenings.com. Follow us: Twitter: www.twitter.com/trfastenings: Facebook: www.facebook.com/trfastenings: LinkedIn: www.linkedin.com/company/tr-fastenings Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim income statement Unaudited results for the six months ended 30 September 2012 Notes Six months Six months ended ended Year ended 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Revenue 61,248 55,436 112,510 Cost of sales (45,350) (41,184) (83,680) Gross profit 15,898 14,252 28,830 Operating income 216 80 209 Distribution expenses (1,267) (1,043) (2,220) Administrative expenses before separately disclosed items: 2 (10,877) (10,622) (21,190) - Intangible amortisation (165) (131) (281) - IFRS 2 charge (47) (113) (227) - Acquisition expenses - - (391) - Restructuring credit - - 656 Total administrative expenses (11,089) (10,866) (21,433) Operating profit 3,758 2,423 5,386 Financial income 20 19 42 Financial expenses (390) (316) (669) Net financing costs (370) (297) (627) Profit before tax 3,388 2,126 4,759 Taxation 4 (954) (613) (1,597) Profit for the period (attributable to equity shareholders of the Parent Company) 2,434 1,513 3,162 Earnings per share (total) - Basic 6 2.28p 1.77p 3.45p - Diluted 6 2.16p 1.66p 3.25p Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim statement of comprehensive income Unaudited results for the six months ended 30 September 2012 Six months Six months ended ended Year ended 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Profit for the period 2,434 1,513 3,162 Other comprehensive income Foreign currency translation differences (158) (227) (27) Other comprehensive income recognised directly in equity, net of income tax (158) (227) (27) Total comprehensive income recognised for the period (attributable to equity shareholders of the Parent Company) 2,276 1,286 3,135 Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim statement of changes in equity Unaudited results for the six months ended 30 September 2012 Share Share Translation Retained Total Capital Premium Reserve Earnings Equity £000 £000 £000 £000 £000 Balance at 1 April 2012 5,343 18,263 9,804 20,078 53,488 Total comprehensive income for the period Profit for the period - - - 2,434 2,434 Other comprehensive income Foreign currency translation (158) - differences - - (158) Total other comprehensive income - - (158) - (158) Total comprehensive expense for - - (158) 2,434 2,276 the period Transactions with owners, recorded directly in equity Share based payment transactions - - - 47 47 Dividend Payable - - - (534) (534) Total transactions with owners - - - (487) (487) Balance at 30 September 2012 5,343 18,263 9,646 22,025 55,277 Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim statement of changes in equity Unaudited results for the six months ended 30 September 2011 Share Share Translation Retained Total Capital Premium Reserve Earnings Equity £000 £000 £000 £000 £000 Balance at 1 April 2011 4,262 12,167 9,831 16,585 42,845 Total comprehensive income for the period Profit for the period - - - 1,513 1,513 Other comprehensive income Foreign currency translation (227) - differences - - (227) Total other comprehensive income - - (227) - (227) Total comprehensive expense for - - (227) 1,513 1,286 the period Transactions with owners, recorded directly in equity Share based payment transactions - - - 113 113 Total transactions with owners - - - 113 113 Balance at 30 September 2011 4,262 12,167 9,604 18,211 44,244 Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim statement of financial position Unaudited results for the six months ended 30 September 2012 30 September 30 September 31 March Notes 2012 2011 2012 £000 £000 £000 Non-current assets Property, plant and equipment 13,094 6,649 13,292 Intangible assets 17,959 16,365 17,869 Deferred tax assets 1,256 1,980 1,256 Total non-current assets 32,309 24,994 32,417 Current assets Stocks 30,333 27,414 30,517 Trade and other receivables 26,611 24,910 26,295 Cash and cash equivalents 7 12,429 6,324 12,612 Total current assets 69,373 58,648 69,424 Total assets 101,682 83,642 101,841 Current liabilities Bank overdraft 7 - 19 814 Other interest-bearing loans and borrowings 8 15,118 13,612 14,520 Trade and other payables 22,005 20,444 23,035 Tax payable 1,146 1,389 1,420 Dividends payable 5 534 - - Provisions 191 640 1,157 Total current liabilities 38,994 36,104 40,946 Non-current liabilities Other interest-bearing loans and borrowings 8 5,014 333 5,688 Provisions 1,033 2,702 882 Deferred tax liabilities 1,364 259 837 Total non-current liabilities 7,411 3,294 7,407 Total liabilities 46,405 39,398 48,353 Net assets 55,277 44,244 53,488 Equity Share capital 5,343 4,262 5,343 Share premium 18,263 12,167 18,263 Reserves 9,646 9,604 9,804 Retained earnings 22,025 18,211 20,078 Total equity 55,277 44,244 53,488 Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Condensed Consolidated interim statement of cash flows Unaudited results for the six months ended 30 September 2012 Notes Six months Year ended Six months ended 30 September ended 31 March 2012 30 September 2011 2012 £000 £000 £000 Cash flows from operating activities Profit for the period 2,434 1,513 3,162 Adjustments for: Depreciation, amortisation & impairment 791 525 1,043 Financial income (20) (19) (42) Financial expense 390 316 669 Profit on sale of property, plant & equipment (15) (6) (14) Equity settled share-based payment charge 47 113 227 Taxation charge 954 613 1,597 Operating cash inflow before changes in working capital and provisions 4,581 3,055 6,642 Change in trade and other receivables (391) (237) 600 Change in stocks 103 (2,449) (1,663) Change in trade and other payables (987) 182 331 Change in provisions (815) (214) (1,492) Cash generated from operations 2,491 337 4,418 Tax paid (802) (368) (678) Net cash from/(used in) operating activities 1,689 (31) 3,740 Cash flows from investing activities Acquisition of subsidiary, net of cash acquired - - (10,455) Acquisition of property, plant & equipment (465) (222) (653) Proceeds from sale of property, plant & equipment 15 8 272 Interest received 20 19 42 Net cash used in investing activities (430) (195) (10,794) Cash flows from financing activities Proceeds from the issue of share capital - - 7,177 Proceeds from new loan 1,369 329 7,483 Repayment of long term borrowings (1,469) (667) (2,276) Payment of finance lease liabilities (92) - (52) Interest paid (390) (316) (669) Net cash (used in)/from financing activities (582) (654) 11,663 Net change in cash and cash equivalents 677 (880) 4,609 Cash and cash equivalents at start of period 11,798 7,140 7,140 Effect of exchange rate fluctuations on cash held (46) 45 49 Cash and cash equivalents at end 7 of period 12,429 6,305 11,798 Trifast plc Condensed Consolidated financial statements for the six months ended 30 September 2012 Notes to the Condensed Consolidated interim financial statements Unaudited results for the six months ended 30 September 2012 1. Basis of preparation These Condensed Consolidated financial statements have been prepared on the basis of accounting policies set out in the full Annual Report and Accounts for the year ended 31 March 2012 except as detailed below: In these Condensed Consolidated Interim Financial Statements the following amendments have been adopted for the first time: Disclosures - Transfers of Financial Assets (Amendments to IFRS 7) - The Amendments require additional disclosures about transfers of financial assets, e.g. securitisations and should enable users to understand the possible effects of any risks that may remain with the transferor. The amendments also require additional disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting period. These Condensed Consolidated Interim Financial Statements have been prepared in accordance with the Disclosure and Transparency Rules of the Financial Services Authority and International Financial Reporting Standard (IFRS) IAS 34: Interim Financial Reporting as adopted by the EU. They do not include all of the information required for full annual financial statements, and should be read in conjunction with the consolidated financial statements of the Group as at and for the year ended 31 March 2012. This statement does not comprise full financial statements within the meaning of Section 495 and 496 of the Companies Act 2006. The statement is unaudited but has been reviewed by KPMG Audit Plc and their Report is set out at the end of this document. The comparative figures for the financial year ended 31 March 2012 are not the Company's statutory accounts for that financial year and have been extracted from the full Annual Report and Accounts for that financial year. Those accounts have been reported on by the Company's auditors and delivered to the registrar of companies. The Report of the auditors was (i) unqualified, (ii) did not include a reference to any matters to which the auditors drew attention by way of emphasis without qualifying their Report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. Going concern The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the accompanying Statement by the Executive Chairman and Chief Executive. The financial position of the Company, its cash flows, liquidity position and borrowing facilities also are described in the same statement. In addition, note 27 to the Company's previously published financial statements for the year ended 31 March 2012 include the Company's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. These Condensed Consolidated interim financial statements have been prepared on a going concern basis which the Directors consider to be appropriate. 2. Underlying profit and separately disclosed items Six months Six months ended ended Year ended 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Underlying profit before tax 3,600 2,370 5,002 Separately disclosed items within administration expenses: -Acquisition expenses - - (391) -Restructuring credit - - 656 -Intangible amortisation (165) (131) (281) -IFRS 2 share-based payment charge (47) (113) (227) Profit from continuing operations before 3,388 2,126 4,759 tax The acquisition expenses refer to costs predominantly legal and accountancy fees in relation to due diligence required in the purchase of the Malaysian companyPower Steel & Electro-Plating Works SDN Bhd (PSEP) in December 2011. The 2012 restructuring credit of £0.66 million comprises £0.84 million of provision releases in respect of onerous leases that have been surrendered with potential liabilities up to 2017. The costs in relation to this had previously been provided and separately disclosed. This was offset by £0.18m costs incurred to close one of our sites in the US; the majority of these costs refer to redundancies and an onerous lease. 3. Segment reporting Geographical operating segments: The Group is comprised of the following main geographical operating segments: Ø UK Ø Mainland Europe / USA: includes Norway, Sweden, Hungary, Ireland, Holland, Poland, USA and Mexico Ø Asia: includes Malaysia, China, Singapore, Taiwan, Thailand and India. In presenting information on the basis of geographical operating segments, segment revenue and segment assets are based on the geographical location of our entities across the world, and are consolidated into the three distinct geographical regions, which the Board use to monitor and assess the Group. Segment revenue and results under the primary reporting format for the six months ended 30 September 2012 and 2011 are disclosed in the table below: Mainland Common September 2012 UK Europe/ Asia Total Costs USA £000 £000 £000 £000 £000 Revenue* Revenue from external customers 28,218 12,494 20,536 - 61,248 Inter segment revenue 898 423 2,105 - 3,426 Total revenue 29,116 12,917 22,641 - 64,674 Operating result before separately disclosed items and financing costs 1,511 659 2,661 (861) 3,970 Net financing costs (225) (2) (104) (39) (370) Segment result before separately 1,286 657 2,557 (900) 3,600 disclosed items Separately disclosed items (see note 2) (212) Profit before tax 3,388 Specific disclosure items Depreciation and amortisation 71 31 531 158 791 Assets and liabilities Segment assets 35,008 11,266 50,291 5,117 101,682 Segment liabilities (25,710) (3,172) (14,973) (2,550) (46,405) Mainland Common September 2011 UK Europe/ Asia Total Costs USA £000 £000 £000 £000 £000 Revenue* Revenue from external customers 29,178 11,886 14,372 - 55,436 Inter segment revenue 799 315 2,160 - 3,274 Total revenue 29,977 12,201 16,532 - 58,710 Operating result before separately disclosed items and financing costs 1,445 280 1,846 (904) 2,667 Net financing costs (261) 2 8 (46) (297) Segment result before separately disclosed items 1,184 282 1,854 (950) 2,370 (244) Separately disclosed items (see note 2) 2,126 Profit before tax Specific disclosure items Depreciation and amortisation 97 27 242 159 525 Assets and liabilities Segment assets 35,468 10,149 32,377 5,648 83,642 Segment liabilities (28,056) (3,385) (5,247) (2,710) (39,398) *Revenue is derived from the manufacture and logistical supply of industrial fasteners and Category 'C' components. There were no major customers that represent more than 10% of the revenue. There was no material difference in the UK, Europe Mainland and USA regions between the external revenue based on location of the entities and the location of the customers. 4. Taxation Six months Six months Year ended ended ended 31 March 30 September 30 September 2012 2012 2011 £000 £000 £000 Current tax on income for the period UK tax 277 115 747 Foreign tax 665 502 988 Adjustments in respect of prior years 12 (4) (138) 954 613 1,597 5. Dividends The dividend payable of £0.53m represents the dividend recommended at the March 2012 year end and announced during the AGM in September 2012; this was paid to shareholders on 18 October 2012. 6. Earnings per share The calculation of earnings per 5p ordinary share is based on profit for the period after taxation and the weighted average number of shares in the period of 106,867,708 (September 2011: 85,246,086; March 2012: 91,643,717). The calculation of the fully diluted earnings per 5p ordinary share is based on profit for the period after taxation. In accordance with IAS 33 the weighted average number of shares in the period has been adjusted to take account of the effects of all dilutive potential ordinary shares. The number of shares used in the calculation amount to 112,894,288 (September 2011: 91,091,543; March 2012: 97,438,412). The adjusted diluted earnings per share for the six months ended 30 September 2012 is as follows: Six months Six months ended ended Year ended 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Profit for the period 2,434 1,513 3,162 Intangible amortisation 165 131 281 Acquisition expenses - - 391 Restructuring credit - - (656) IFRS 2 Share option 47 113 227 Tax charge/(credit) on adjusted items (51) (79) 258 Adjusted profit 2,595 1,678 3,663 Basic EPS 2.28p 1.77p 3.45p Diluted Basic EPS 2.16p 1.66p 3.25p Adjusted Diluted EPS 2.30p 1.84p 3.76p 7. Cash and cash equivalents at end of period Six months Six months ended ended Year ended 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Cash and cash equivalents 12,429 6,324 12,612 Bank overdraft - (19) (814) Net cash and cash equivalents per cash 12,429 6,305 11,798 flow statements 8. Analysis of net debt At At At 30 September 30 September 31 March 2012 2011 2012 £000 £000 £000 Cash and cash equivalents 12,429 6,324 12,612 Bank overdraft - (19) (814) Net cash and cash equivalents 12,429 6,305 11,798 Debt due within one year (15,118) (13,612) (14,520) Debt due after one year (5,014) (333) (5,688) (20,132) (13,945) (20,208) Total (7,703) (7,640) (8,410) Electronic Communications The Company once again is not proposing to bulk print and distribute hard copies of this Half-yearly financial report for the six months ended 30 September 2012 unless specifically requested by individual shareholders. The Board believes that by utilising electronic communication it delivers savings to the Company in terms of administration, printing and postage, and environmental benefits through reduced consumption of paper and inks, as well as speeding up the provision of information to shareholders in the future. News updates, Regulatory news, & Financial statements, can be viewed and downloaded from the Group's website, www.trifast.com. Copies can also be requested via firstname.lastname@example.org or, in writing to, The Company Secretary, Trifast plc, Trifast House, Bellbrook Park, Uckfield, East Sussex, TN22 1QW Cautionary Statement The Half-yearly financial report has been prepared for the shareholders of the Company, as a body, and no other persons. Its purpose is to assist shareholders of the Company to assess the strategies adopted by the Company and the potential for those strategies to succeed and for no other purpose. The Half-yearly financial report contains forward looking statements that are subject to risk factors associated with, amongst other things, the economic and business circumstances occurring from time to time in the countries, sectors and markets in which the Group operates. It is believed that the expectations reflected in these statements are reasonable but they may be affected by a wide range of variables which could cause actual results to differ materially from those currently anticipated. No assurances can be given that the forward looking statements in this Half-yearly financial report will be realised. The forward looking statements reflect the knowledge and information available at the date of preparation. Independent review report by KPMG Audit Plc to Trifast plc Introduction We have been engaged by the Company to review the condensed set of financial statements in the Half-yearly financial report for the six months ended 30 September 2012 which comprises the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Changes in Equity, the Consolidated Statement of Financial Position, the Consolidated Statement of Cash Flows and the related explanatory notes. We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements. This Report is made solely to the Company in accordance with the terms of our engagement to assist the company in meeting the requirements of the Disclosure and Transparency Rules ("the DTR") of the UK's Financial Services Authority ("the UK FSA"). Our review has been undertaken so that we might state to the Company those matters we are required to state to it in this Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company for our review work, for this Report, or for the conclusions we have reached. Directors' responsibilities The Half-yearly financial report is the responsibility of, and has been approved by, the Directors. The Directors are responsible for preparing the Half-yearly financial report in accordance with the DTR of the UK FSA. As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with IFRSs as adopted by the EU. The condensed set of financial statements included in this Half-yearly financial report has been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the EU. Our responsibility Our responsibility is to express to the Company a conclusion on the condensed set of financial statements in the Half-yearly financial report based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity issued by the Auditing Practices Board for use in the UK. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the Condensed Consolidated set of financial statements in the Half-yearly financial report for the six months ended 30 September 2012 is not prepared, in all material respects, in accordance with IAS 34 as adopted by the EU and the DTR of the UK FSA. P Alex Sanderson for and on behalf of KPMG Audit Plc Chartered Accountants 1 Forest Gate Brighton Road Crawley West Sussex RH11 9PT 12 November 2012 This information is provided by RNS The company news service from the London Stock Exchange END IR KLLFFLFFFFBE -0- Nov/13/2012 07:00 GMT
Trifast PLC TRI Half Yearly Financial Report- September 2012
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