Trifast PLC TRI Half Yearly Financial Report- September 2012
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's existing 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 USA also 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 UK fell 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
company Power 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 corporate.enquiries@trifast.com 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
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