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'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 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