TRIFAST PLC — Earnings Release 2013

Jun 25, 2013

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RNS Number : 7516H

Trifast PLC

25 June 2013

Date: Tuesday, 25 June 2013

TRIFAST PLC

("Trifast" "Group" or the "Company")

"2013 - Celebrating TR's 40th Anniversary"

Trifast's relentless focus on profit growth and cash generation has been reflected in a strong trading performance; resulting in all KPIs being met at the end of the financial year:
2013 Preliminary results	Year ended 31 March 2013	Year ended 31 March 2012	change
Financial Highlights
Ø Group revenue	£121.54m	£112.51m	+8%
Ø Underlying operating profit*	£7.97m	£5.63m	+42%
Ø Underlying profit before taxation*	£7.25m	£5.00m	+45%
Ø Operating profit	£7.16m	£5.39m	+33%
Ø Profit before tax	£6.44m	£4.76m	+35%
Ø Earnings per share: -Basic -Adjusted diluted*	4.39p 4.73p	3.45p 3.76p	+27% +26%
Ø Dividend - Final proposed	0.80p	0.50p	+60%
Ø Positive cash generation (adjusted)	£7.87m	£4.57m	+72%
Ø Net borrowings reduced	£5.20m	£8.41m	£3.21m
Ø Return on Capital (ROCE)*	12.1%	**11.3%	+80bps
Commercial Highlights
Ø Asia ü New business, PSEP and healthier demand from existing customers despite loss of transfer contracts to China
Ø Europe ü Strong gains from automotive focus - diversifying from historic electronics & domestic appliances sectors
Ø United Kingdom ü Very strong performance - the benefit of 'self - help' initiatives ü Securing significant new business at improved margins ü Steady profit growth across all regions including Ireland and encouraging contribution from TR Direct
Ø U.S.A ü Creditable performance reflecting renewed vigour in the US economy and new multinational contract wins ü Currently, a small part of TR but strategic to the business'  future growth plans
Ø Globally ü Investment in sourcing, automation, IT analytics and specialist sales engineers

*Before separately disclosed items which are shown in the Financial statements.

** Adjusted for PSEP 12 months pro-rata (9.1% on statutory basis)

"As stakeholders know, the global market for fasteners and related components for assembly is vast, and in terms of penetration, TR's revenue is barely measurable; however, even though the market remains fragmented there is an opportunity for smaller more flexible players like ourselves to be "strategic consolidators".

"The Board remain very optimistic that the phrase a 'World of Opportunity' initiated last year is gathering momentum as the Group's structure and focus enables further organic growth, and when combined with new business and niche expansion opportunities, TR's operational teams feel confident in their ability to deliver strong results through 2013/14, and into the future."

Enquiries:
Trifast plc LSE Ticker: TRI	TooleyStreet Communications IR & media relations	Arden Partners plc Stockbroker & financial adviser
Today : +44 (0) 20 7614 5900 Malcolm Diamond MBE, Executive Chairman Tel: +44 (0)7979 518493	Fiona Tooley, Director Today: Tel: +44 (0)7785 703523 or	Adrian Trimmings Katelin Kennish Tel: +44 (0)20 7614 5920
Mark Belton, Group Finance Director +44 (0)7710 177459	Graeme Cull, Consultant Tel: +44 (0) 7976 228397
Thereafter: +(0) 1825 747630	Office: +44 (0)121 309 0099
The Results presentation is being held at 9.30am (UK time) today - further details can be obtained from TooleyStreet Communications Tel: +44 (0)7785 703523 or corporate.enquiries@trifast.com

GROUP OPERATIONAL BUSINESS REVIEW

By Executive Chairman, Malcolm Diamond and Jim Barker, Chief Executive

Introduction

Trifast's relentless focus on profit growth and cash generation has been reflected in a strong trading performance; resulting in all KPIs being met at the end of the financial year:

TR's Key Performance Indicators - 2012/2013
Objectives set:	Result:
Increase Revenue, organically & acquisitively	ü	8% increase in revenue
Increase profitability	ü	45% uplift in underlying pre-tax profit
On-going margin enhancement	ü	6% net profit margin (2012: 4.4%)
Maintain positive cash generation	ü	Operating cash flow nearly £8 million
Increase Return on Capital (ROCE)	ü	Increase to over 12%
Broadening the skills of management and staff	ü	Value assessment model- identifying the leaders of the future

All this has been achieved on a lower percentage cost base and within a global 'mixed' market sector backdrop but more importantly by the TR teams focus on the objectives set before them last year; their hard work and commitment has delivered what we are reporting to shareholders - on behalf of all stakeholders, we congratulate our colleagues around the globe.

The key financials are covered in the Group Finance Director's Report, so we will focus on what we have achieved operationally over the year.

Business Overview

The 2012/13 financial year has seen many operational developments and we summarise the key ones below:

Ø Organic performance of the business

·      Asia

Despite the loss of two previously long-held major component supply European transfer contracts to competing domestic Chinese assemblers, TR Asia has managed to improve overall profitability with a combination of new business wins, the integration of PowerSteel and Electro-Plating Works Sdn. Bhd ("PSEP") and healthier demand from existing customers.

·      Europe /Automotive

The decision taken in 2010 to focus our sales engineering resources on Tier 1 automotive assemblers has proved to be timely for two reasons: the product lifecycle - once designed and approved, (it can take between 12-18 months for the specifying, quoting and testing period prior to production start-up) lasts between five to six years, thus providing a stable and lengthy forward revenue stream; also with the edge having come off peak demand for global electronics products in the past four years, our growth has been sustained by diversifying our customer target sector beyond electronics and domestic appliances.  This strategy is no better reflected than by TR Europe with its new automotive contract wins during the year.

·      United Kingdom

TR UK has gained by far the most benefit from the Management team's determined focus on 'self-help'. Operational efficiency gains have taken nearly three years to fully yield the material profit gains through lowering both fixed and variable costs and consolidating and re-negotiating terms with key suppliers.

The new TR Direct next day delivery of standard products has also made an important contribution to this year's substantial profit growth.

·      Ireland

Both our Southern and Northern Ireland operations have enjoyed steady growth in a tough environment, with no sign of their renewed momentum diminishing as we look forward.

·      USA

TR's recently restructured US location is performing well; with the additional global multinational customers secured last year we have recently enlarged our US warehouse facilities with a further unit in Houston.

Although the US operation is currently the smallest contributor to Group revenue, TR Inc. is strategic to our future plans.  A high proportion of our globally sited multinationals are headquartered in the USA, where many of the product designers and engineers are based and who all expect to receive fastener specification advice locally 'on the spot'.  Once TR is nominated on any component drawing, then buyers in Europe and Asia will be able to source exactly to specification as originally designated by their HQ.

Ø Competitive advantage

Customers continue to benchmark TR against global fastener competitors and maintain their conclusion that we are uniquely positioned to fully satisfy their increasing demands by being able to combine 'low cost/zero-defect philosophy' production via our six Asian based factories.  This combines with delivery logistics to over 50 countries along with design/application engineers directly employed by TR purely to resolve assembly challenges for our customers, many of whom, despite being large multinationals, do not carry the overhead of fastener engineers on their payroll.

This 'one - stop shop' capability of TR is further bolstered by its range of TR Branded speciality fasteners for sheet metal and plastics, plus its launch post year end of a comprehensive new range of plastic fasteners, PCB spacers and cable management components.

Although each of TR's 23 location business teams operate to their own P&L targets, the TR attitude of co-operation and cross skilling results in a 'one family' approach with regard to data and inventory sharing together with mutual and enjoined objectives in relation to competitive sourcing and customer quotations. This 'think local - operate global' gives TR the benefit of being swift to market whilst having the resources of an international player.

Ø Expansion and new territories

Whilst the continent of India is an exciting area for expansion, we have been cautious in our adoption of new business and the associated investment that is required; however, in the past year we have taken on additional sales engineers to expand our capabilities at our two business offices there, as we serve our mainly US-owned multinational customers that are now firmly established.

TR Sweden has been one of our successful European teams in gaining new automotive business - despite their earlier loss of the Saab closure as a going concern.  This growth has enabled them to secure larger new offices in Stockholm in order to provide adequate scope for further expansion of their business.

Our Automotive team has opened up business for the first time with Russia, and new customers for our TR Branded sheet metal fasteners have emerged in South Korea, again a first for our sales team.

Ø New licences and products

Important new global manufacturing licences have been granted to TR by Phillips Screw Co. and Acument.  These licences dramatically extend our range of fastener drive and clinch applications and these will appeal to those requiring more sophisticated engineered applications such as weight reduction and high torque demands.  The product licence additions add considerable 'kudos' to our engineering/design capabilities in the eyes of many of our existing customers, whilst attracting new applications from both existing and potential customers.

TR's ever growing plastics portfolio is now one of the most extensive on the market, with more products being added throughout 2013 in response to customer demand.  TR's plastics range meets all industry standards and legislation and initially, our focus is on automotive and PCB hardware applications.  We are confident that all these developments open up new sectors and opportunities for TR as well as for the customer streamlining production processes; where a fastener is needed to be versatile light and strong, plastic is often the optimal

solution.  An example of this is our working relationship with a UK specialist high performance sports car manufacturer - as we all know, the automotive sector is constantly looking to be more economic and environmentally friendly without compromising quality and performance.

Ø Investing for the future

Investment during the year in sophisticated automation is enabling TR to adopt 'zero-defect philosophy' within product quality out of our Singapore and Malaysian factories - with Taiwan targeted for 2014.  This is becoming an absolute requirement for high volume assembly customers who use automation or robotics for inserting fasteners, where a wrong dimension on a screw can bring a production line to a complete halt for anything up to an hour.

Our Taiwanese business is multi-site with two factories, one warehouse and a separate sales office.  Post year-end, a cost model has been commissioned to establish a new site with an all-purpose new building to accommodate all the business functions under one roof. Any such move would deliver the double benefit of improved efficiency and more production capacity.  We look forward to updating Shareholders on progress in due course.

Authorisation has been given for TR Sweden to upgrade its computer system in order to facilitate real time electronic data interchange with our automotive customers.  The new upgrade is based on the same basic architecture as their existing software, and will be conducted by the same provider - thus minimising delays and disruption.  This new IT system will serve as a teaching/training module for other TR business teams in order to test thoroughly prior to any subsequent upgrades on other TR Europe sites.

Management & People - 'Training & adding new skills'

Last year, as part of our operational restructuring we introduced a 'people, performance & responsibilities' programme across the Company and at all levels.  As a direct result of what we term, TR's 'value assessment' model (aligned to strategy and objectives) we are utilising skills and knowledge more effectively which, in turn, is further shaping TR's on-going Senior Executive development and succession planning programmes.  The first three well-deserved appointments to the TR Operating Board have been announced recently - these are in recognition of hard work and skills 'developed and channelled' effectively under the Senior Executive programme - suffice to say, all three candidates possess leadership qualities and specialisms that will drive TR business units to the next level.

Through this initiative also, we have been able to more effectively deploy resources within existing systems and structure; this streamlining and realignment of responsibilities within the business is already having an impact and formed part of 'self-help' objectives set as part of the Board's strategy plan put in place at the start of 2012.

The Apprenticeship scheme, first introduced in 2011 is going from strength to strength - we have been successful in attracting enthusiastic young school leavers keen to join TR, and we expect to gain greatly from their contribution in the future: the roll-out of the scheme across the UK businesses is also starting to gain momentum.

At Board level, we have seen change too: Seamus Murphy, having successfully completed his key strategic projects (set within the lead team's first three-year plan initiated in 2009) stepped down from the Main Board at the end of January 2013 and has since left the business.  Seamus joined us in 2005 following the acquisition of Serco Ryan; the Directors acknowledge his input and service, we wish him and his family well in the future.

Post the year end, Scott Mac Meekin joined the business as an Independent Non-Executive Director.  Scott brings a wealth of experience gained over a 20-year career within the US and Asian fastener industry; his additional skills complement both the current Executive and Non-Executive Directors' skills base and provide extra impetus to our expansion aspirations.

Finally, we would like to acknowledge every colleague from around the world, all of them have made a difference and worked hard together to achieve another year of solid growth; without their dedication stakeholders would not be sharing in this year's trading achievement.  Jim and I together with our fellow Board colleagues look forward to working with everyone over the coming year, to continue in the success.

Celebrating 40 years

On 1 June 2013, Trifast celebrated its 40th Anniversary since being founded as TR Fastenings Ltd in 1973.  TR has over the years played a major part in the transformation of how high volume/variety small lower value assembly components are delivered, creating 'just in time' & 'supply chain' management logistics programmes to its customer base initially from one office in Sussex, and then driven by multinational customer demands, going on to establish an international footprint now serving over 50 countries, delivering over 150 million components worldwide each day by a highly motivated network of TR business teams.  Nearly 30% of the Group's revenue now derives from TR's own Asian manufacturing base.

A number of those that joined the business at its humble beginnings remain with us to this day including both of us - new "young blood" has since joined us along the way and together, we have all experienced and seen many developments and challenges over the years.  However, through our desire to 'Innovate and Serve,' TR today is recognised as a driving force within the industry, at the cutting edge of fastener technology through its investment in the research & development, new products and services combined with the TR culture.

Objectives, strategy and opportunities

As Trifast Directors, we are particularly pleased with the jump in profitability between March 2012 and March 2013.  We remain committed to the pursuit of shareholder value, and as part of this, see lots of reasons that point to further 'bottom-line' growth for the foreseeable future.

This will be achieved by, as always, a combination of activities.  There will be no end to our continual pursuit of operational efficiency improvements, even though, as each year passes there will naturally be an element of diminishing materiality in the size of profit gains.  This is why we are now financially in a position to consider prudent new investments in automation, faster more analytical computer systems and additional sales engineers for both automotive and electronics sectors on a global basis.

As stakeholders know, the global market for fasteners and related components for assembly is vast, and in terms of penetration, TR's revenue is barely measurable; however, even though the market remains fragmented there is an opportunity for smaller more flexible players like ourselves to be "strategic consolidators".

Existing shareholders are aware that as a team we are cautious in our approach to acquisitions, with our demand for low debt/high margin/loyal on-going local management and cash generative businesses in a highly fragmented market, where TR's business model of combining low cost manufacturing with global logistics distribution supported by design and application engineering is relatively unique. Consequently, our networking is constantly in search mode being sustained by our knowledge that, like PSEP the business acquired December 2011 (which today is fully and happily integrated into TR) target companies that meet these criteria certainly do exist.

Meanwhile, our highly effective sales and marketing teams continue to open up new revenue opportunities - both geographically and with additional products and customer sectors as they strive to meet our ever ambitious revenue and profit targets.

Trading Outlook

The Board remain very optimistic that the phrase a 'World of Opportunity' initiated last year is gathering momentum as the Group's structure and focus  enables further organic growth, and when combined with new business and niche expansion opportunities, TR's operational teams feel confident in their ability to deliver strong results through 2013/14, and into the future.

We look forward to updating you on our progress throughout the coming year.

Date: 25 June 2013

FINANCE REVIEW

By Mark Belton, Group Finance Director

The on-going benefit of our 'self-help' initiatives, focusing on improving our gross profit margins, reducing percentage overhead content and increasing logistics efficiencies, are strongly evident in these 2013 results. This very creditable performance clearly underpins the Board's commitment to all stakeholders - to build upon Trifast's evolving reputation for 'under promising and over delivering' on performance.

An Operational Business Review of the year ended March 2013 has been set out in the Joint Chairman's and CEO Statement.

Revenue

In the year being reported on, Group revenue increased by 8.0% to £121.54 million (2012: £112.51m), reflecting in the main the addition of our Malaysian acquisition, PSEP acquired in December 2011. During the year we were also successful in replacing older, non profitable contracts with new business wins at improved margins although we did experience high attrition levels in both the UK due to customer 'end of life' builds finishing and within Asia when two major transfer contracts from Europe came to an end.

The Group's key regions can be analysed as follows:

Continuing operations	Full Year 31 March 2013	Full Year 31 March 2012	% increase
Revenue
UK	£57.26m	£57.78m	(0.9%)
Asia	£38.85m	£31.12m	+24.8%
Europe	£22.91m	£21.20m	+8.1%
USA	£2.52m	£2.41m	+4.6%
Total for the year	£121.54m	£112.51m	+8.0%

The key driver of growth in the year was Asia due in the main to the acquisition of PSEP.  Within the UK, revenue remained relatively stable despite a generally lower demand from UK customers and the transfer of some business to our Hungary operation.  Europe delivered a strong performance with increased sales across all the operations in particular Holland and Sweden where we were successful in winning new Automotive business.  The increase in revenue from our North American operation reflects the confidence returning to the US economy.

Whilst revenue growth is important to the business, one of our key drivers remains the focus on quality of earnings and margin enhancement.

Adjusted pre-tax profit operating margins

The underlying operating (before separately disclosed items) result between the TR represented regions can be analysed as follows:-

Continuing operations	Full Year 31 March 2013	Full Year 31 March 2012	% increase
Underlying operating result
UK	£4.13m	£2.74m	+50.7%
Asia	£4.41m	£3.76m	+17.3%
Europe	£1.11m	£0.52m	+113.5%
USA	£0.30m	£0.10m	+200.0%
Central costs	(£1.98m)	(£1.49m)	(32.9%)
Total before financing costs	£7.97m	£5.63m	+41.6%
Net financing costs	(£0.72m)	(£0.63m)
Total after financing costs	£7.25m	£5.00m	+45.0%

The impressive 45.0% increase in underlying profitability to £7.25 million (before separately disclosed items) was achieved by increasing gross profit margins which showed a 40bps increase in the year to 26.0% (2012: 25.6%) and a reduction in the level of overheads in relation to revenue, to 19.4% (2012: 20.6%).  This resulted in improved underlying net margins from 4.4% in 2012 to 6.0% thereby achieving two of our stated objectives: on-going margin enhancement and increase profitability.

By territory, the TR UK contribution increased by 50.7% resulting from the gross profit margin enhancements and overhead and logistical efficiencies previously acknowledged.  Europe more than doubled its 2012 operating profit performance to £1.11 million with strong performances being achieved particularly within the Nordic region.  TR Asia benefitted from the positive addition of PSEP into the Group but conversely was impacted by the loss of business mentioned already.  TR USA, from its 2011 restructuring programme is beginning to bring the region from its previous losses into profit, demonstrating a three-fold increase in profit from 2012 to £0.30 million in the year under review.

Separately disclosed items

The following items are shown separately in the Consolidated income statement and need to be taken into consideration when reviewing the underlying performance of the Group:-

Restructuring costs	(£0.39m)
Intangible amortisation	(£0.33m)
IFRS 2 charge	(£0.09m)
Total	(£0.81m)

Of the £0.39 million restructuring costs, £0.19 million relates to Director compensation (for loss of office from the Board) and all associated costs inJanuary 2013; the remaining balance relates to further redundancies within the UK to drive the on-going efficiencies.

Interest and interest cover

Net financing costs increased slightly by £0.09 million to £0.72 million (2012: £0.63m) reflecting a full year's effect of the acquisition term loan taken out by TR Asia Investment Holdings Pte Ltd ("TR Asia") to part fund the PSEP acquisition in December 2011.

Net interest cover (defined as EBITDA to net interest, before one-off separately disclosed items) improved to 12.8 times (2012: 10.4 times).

Taxation

Taxation in the period was £1.73 million (2012: £1.60m); this reflects an Effective Tax Rate ("ETR") of 26.9% (2012: 33.6%), whilst the Group's blended tax rate based on the geographical tax regimes was 21.3% (2012: 20.4%).  Nearly all of the Group's current tax charges related to overseas operations as the UK business was able to utilise the remaining UK tax losses that it had suffered over the previous years.

Balance sheet and funding

At 31 March 2013, total Shareholder equity amounted to £60.42 million (2012: £53.49m), an increase of 13.0% reflecting the Group's increase in retained profit of £4.71 million during the period and £2.17 million being the translation of Group's overseas assets (predominantly in Asia). 

There was no major change in the Group's property, plant and equipment, which represents 13.1% of the Group's total assets.  Intangible assets increased slightly by £0.50 million to £18.37 million (2012: £17.87m) reflecting the movements in Foreign exchange and a fair value adjustment of £0.10 million in respect of PSEP.

Working capital as a percentage of revenue remained fairly stable at 30%.  Removing the foreign exchange effect on stock, we saw levels fall by £0.84 million which resulted in net stock weeks dropping from 21.1 in 2012 to 20.2 for 2013.  Debtor days also remained fairly stable at 67 days (2012: 68).  However, total bad debts were slightly higher than in previous years at £0.29 million (2012: £0.08 million).

Gross debt fell by £4.46 million to £15.75 million (2012: £20.21m), which included the final repayment of £1.00 million of the Company's three-year term loan taken out initially in February 2010, and the annual repayment of c.£1.50 million of TR Asia's acquisition loan for PSEP, with the balance being reduced borrowings from the UK's Asset Based Lending facility ('ABL').

Group net cash balances as at 31 March 2013 were £10.55 million (2012: £11.80m) of which, £9.47 million was held in foreign currencies (2012: £8.03m).  As a result, year-end net debt reduced by £3.21 million to £5.20 million in March 2013 (2012: £8.41 million) and gearing remained low at 8.6% (2012: 15.7%).

The Group continues to trade well within its banking covenants.  In April 2013, Trifast successfully negotiated its UK banking facilities with an additional £5.00 million, three-year revolving credit facility for the Company and extended its current ABL facilities total availability to £18.30 million.

Cash flow

Cash generation continues to be another key objective for the TR operations in order for us to be able to provide cash to reinvest back into the growing business.  It is therefore very satisfying to report that operating cash flow as a percentage of EBITDA was 85.5%. 

The following analysis reconciles net debt and cash flow:

	Full Year 31 March 2013	Full Year 31 March 2012
Adjusted EBITDA	£9.23m	£6.54m
Adjusted working capital changes	(£1.36m)	(£1.97m)
Adjusted operating cash flow	£7.87m	£4.57m
Cash conversion	85.3%	69.9%
Net capital expenditure	(£0.85m)	(£0.53m)
Taxation paid	(£1.43m)	(£0.68m)
Net interest	(£0.72m)	(£0.63m)
Adjusted free cash flow	£4.87m	£2.73m
Deferred consideration / Consideration on PSEP acquisition	(£1.39m)	(£13.49m)
Proceeds from shares issued	£0.23m	£7.18m
Dividends paid (September 2012)	(£0.53m)	-
Net change in cash and cash equivalents	£3.18m	(£3.58m)
Net debt as at 1 April	(£8.41m)	(£7.14m)
Net cash acquired on PSEP acquisition	-	£2.25m
Effect of exchange rate on net debt	£0.03m	£0.06m
Net debt as at 31 March	(£5.20m)	(£8.41m)

To support future growth and increase returns in the future, capital expenditure increased to £0.87 million predominantly represented by plant and machinery for our growing Asia business (2012: £0.65 million).

PSEP in Malaysia, acquired at the end of 2011, has integrated well and, under the Terms of Acquisition detailed in the Prospectus dated 16 November 2011, a final payment of £1.39 million, (previously retained for twelve months against any warranties and claims) was paid to the previous owners in December 2012.

Return on Capital Employed

The Group remains mindful of its objective to invest to increase Return on Capital Employed ("ROCE").  It is therefore pleasing to show that ROCE (being defined as EBIT / net assets + net debt) has once again improved year-on-year, from 9.1% in 2012 (11.3% adjusted for PSEP pro-rata 12 months) to 12.1% by March 2013.

Earnings per Share

The adjusted diluted earnings per share ("EPS") which in the Directors' opinion best reflects the underlying performance of the Group, has increased by 25.8% to 4.73 pence (2012: 3.76 pence).

Dividend

While the Directors' focus remains on capital growth through investment in the business and increasing ROCE, the return to a progressive dividend stream has been a priority for the Board since its formation in 2009.  In October 2012, we were pleased to achieve this key objective by payment of the final dividend for 2012; to demonstrate the confidence the Management has in the future development and success of the business, the Board will be recommending, a 60% increase in the final dividend of 0.80 pence (net of tax) per Ordinary share.  Subject to Shareholder approval at the Annual General Meeting which is to be held on 17 September 2013, the annual dividend will be paid to Shareholders on the Register at the close of business on 5 July 2013.  The Ordinary shares become ex-dividend on 3 July 2013.

People

Once again, I would like to take this opportunity to thank the Finance teams around the globe for their hard work and dedication in supporting the operational business units and myself; I look forward to working with them over the coming year as we look to further enhance working practices across the Group to help improve operational efficiencies and add-value across the TR network.

Date: 25 June 2013

Trifast plc
Consolidated income statement for the year ended 31 March 2013
	Note	2013	2012
		£000	£000
Continuing operations
Revenue	3	121,544	112,510
Cost of sales		(89,969)	(83,680)
Gross profit		31,575	28,830
Other operating income		486	209
Distribution expenses		(2,732)	(2,220)
Administrative expenses before separately disclosed items:	2	(21,358)	(21,190)
IFRS2 charge		(91)	(227)
Intangible amortisation		(331)	(281)
Acquisition expenses		-	(391)
Restructuring (costs) / credit		(389)	656
Total administrative expenses		(22,169)	(21,433)
Operating profit	4	7,160	5,386
Financial income		45	42
Financial expenses		(763)	(669)
Net financing costs		(718)	(627)
Profit before tax	2,3	6,442	4,759
Taxation	5	(1,734)	(1,597)
Profit for the period    (attributable to equity shareholders of the Parent Company)		4,708	3,162
Earnings per share (total)
Basic	13	4.39p	3.45p
Diluted	13	4.18p	3.25p

Statements of comprehensive income for the year ended 31 March 2013
		Group
	2013		2012
	£000		£000
Profit for the year	4,708		3,162
Other comprehensive income:
Foreign currency translation differences	2,167		(27)
Other comprehensive income recognised directly in equity net of income tax	2,167		(27)
Total comprehensive income recognised for the year
(attributable to the equity shareholders of the Parent Company)	6,875		3,135

Trifast plc Consolidated statement of changes in equity for the year ended 31 March 2013
	Share capital	Share premium	Translation reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000
Balance at 31 March 2012	5,343	18,263	9,804	20,078	53,488
Total comprehensive income for the year:
Profit for the year	-	-	-	4,708	4,708
Other comprehensive income
Foreign currency translation differences	-	-	2,167	-	2,167
Total other comprehensive income	-	-	2,167	4,708	6,875
Total comprehensive income recognised for the year	-	-	2,167	4,708	6,875
Transactions with owners, recorded directly in equity
Issue of share capital	69	164	-	-	233
Share based payment transactions	-	-	-	360	360
Dividends	-	-	-	(534)	(534)
Total transactions with owners	69	164	-	(174)	59
Balance at 31 March 2013	5,412	18,427	11,971	24,612	60,422
Consolidated statement of changes in equity for the year ended 31 March 2012
	Share capital	Share premium	Translation reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000
Balance at 31 March 2011	4,262	12,167	9,831	16,585	42,845
Total comprehensive income for the year
Profit for the year	-	-	-	3,162	3,162
Other comprehensive income
Foreign currency translation differences	-	-	(27)	-	(27)
Total other comprehensive income	-	-	(27)	-	(27)
Total comprehensive income recognised for the year	-	-	(27)	3,162	3,135
Transactions with owners, recorded directly in equity
Issue of share capital	1,081	6,096	-	-	7,177
Share based payment transactions	-	-	-	331	331
Total transactions with owners	1,081	6,096	-	331	7,508
Balance at 31 March 2012	5,343	18,263	9,804	20,078	53,488
Company statement of changes in equity for the year ended 31 March 2013
	Share capital	Share premium	Merger reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000
Balance at 31 March 2012	5,343	18,263	1,521	4,048	29,175
Total comprehensive income for the year:
Loss for the year	-	-	-	(674)	(674)
Total comprehensive loss recognised for the year	-	-	-	(674)	(674)
Transactions with owners, recorded directly in equity
Issue of share capital	69	164	-	-	233
Share based payment transactions	-	-	-	268	268
Dividends	-	-	-	(534)	(534)
Total transactions with owners	69	164	-	(266)	(33)
Balance at 31 March 2013	5,412	18,427	1,521	3,108	28,468
Company statement of changes in equity for the year ended 31 March 2012
	Share capital	Share premium	Merger reserve	Retained earnings	Total equity
	£000	£000	£000	£000	£000
Balance at 31 March 2011	4,262	12,167	1,521	4,532	22,482
Total comprehensive income for the year:
Loss for the year	-	-	-	(799)	(799)
Total comprehensive income recognised for the year	-	-	-	(799)	(799)
Transactions with owners, recorded directly in equity
Issue of share capital	1,081	6,096	-	-	7,177
Share based payment transactions	-	-	-	315	315
Total transactions with owners	1,081	6,096	-	315	7,492
Balance at 31 March 2012	5,343	18,263	1,521	4,048	29,175

Trifast plc Statements of financial position at 31 March 2013
	Note	Group		Company
		2013	2012	2013	2012
		£000	£000	£000	£000
Non-current assets
Property, plant and equipment		13,360	13,292	2,457	2,510
Intangible assets		18,366	17,869	-	-
Equity investments		-	-	33,551	33,551
Deferred tax assets		966	1,256	436	361
Total non-current assets		32,692	32,417	36,444	36,422
Current assets
Stocks	6	30,439	30,517	-	-
Trade and other receivables	7	27,248	26,295	1,422	1,152
Cash and cash equivalents	8	10,750	12,612	154	1,081
Total current assets		68,437	69,424	1,576	2,233
Total assets	3	101,129	101,841	38,020	38,655
Current liabilities
Bank overdraft	8	195	814	6,048	5,042
Other interest-bearing loans and borrowings	9	11,334	14,520	-	999
Trade and other payables	10	21,029	23,035	3,396	3,439
Taxation payable		1,424	1,420	-	-
Provisions		596	1,157	104	-
Total current liabilities		34,578	40,946	9,548	9,480
Non-current liabilities
Other interest-bearing loans and borrowings	9	4,418	5,688	-	-
Provisions		805	882	-	-
Deferred tax liabilities		906	837	4	-
Total non-current liabilities		6,129	7,407	4	-
Total liabilities	3	40,707	48,353	9,552	9,480
Net assets		60,422	53,488	28,468	29,175
Equity
Share capital		5,412	5,343	5,412	5,343
Share premium		18,427	18,263	18,427	18,263
Reserves		11,971	9,804	1,521	1,521
Retained earnings		24,612	20,078	3,108	4,048
Total equity		60,422	53,488	28,468	29,175

Trifast plc Statement of cash flows for the year ended 31 March 2013
	Note	Group		Company
		2013	2012	2013	2012
		£000	£000	£000	£000
Cash flows from operating activities
Profit / (loss) for the year		4,708	3,162	(674)	(799)
Adjustments for:
Depreciation, amortisation and impairment		1,586	1,043	56	56
Financial income		(45)	(42)	(36)	(2)
Financial expense		763	669	50	90
Gain on sale of property, plant & equipment and  investments		(14)	(14)	-	-
Dividends received		-	-	(1,619)	(874)
Equity settled share-based payment charge		91	227	76	156
Taxation		1,734	1,597	108	(33)
Operating cash inflow / (outflow) before changes in working capital and provisions		8,823	6,642	(2,039)	(1,406)
Change in trade and other receivables		(183)	600	(77)	(135)
Change in stocks		839	(1,663)	-	-
Change in trade and other payables		(969)	331	(43)	206
Change in provisions		(638)	(1,492)	104	-
Cash generated from / (used in) operations		7,872	4,418	(2,055)	(1,335)
Taxation paid		(1,427)	(678)	(178)	(87)
Net cash from / (used in) operating activities		6,445	3,740	(2,233)	(1,422)
Cash flows from investing activities
Proceeds from sale of property, plant & equipment		18	272	-	-
Interest received		45	42	36	2
Acquisition of subsidiary, net of cash acquired		(1,389)	(10,455)	-	-
Increase in subsidiary investment		-	-	-	(5,477)
Acquisition of property, plant & equipment		(869)	(653)	(3)	-
Dividends received		-	-	1,617	874
Net cash (used in) / from investing activities		(2,195)	(10,794)	1,650	(4,601)
Cash flows from financing activities
Proceeds from the issue of share capital		233	7,177	233	7,177
Proceeds from new loan	9	-	7,483	-	-
Repayment of borrowings	9	(4,707)	(2,276)	(999)	(1,334)
Payment of finance lease liabilities	9	(178)	(52)	-	-
Dividends paid		(534)	-	(534)	-
Interest paid		(763)	(669)	(50)	(90)
Net cash (used in) / from financing activities		(5,949)	11,663	(1,350)	5,753
Net change in cash and cash equivalents		(1,699)	4,609	(1,933)	(270)
Cash and cash equivalents at 1 April	8	11,798	7,140	(3,961)	(3,691)
Effect of exchange rate fluctuations on cash held		456	49	-	-
Cash and cash equivalents at 31 March	8	10,555	11,798	(5,894)	(3,961)

Trifast plc Notes to the Financial Statements
1. Basis of preparation
The financial statements are prepared in Sterling, rounded to the nearest thousand.  They are prepared on the historical cost basis with the exception of certain items which are measured at fair value as disclosed in the accounting policies below. The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis.  Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects current and future periods. Judgements made by management in the application of IFRS that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are discussed in the 2013 Report and Accounts. A review of the business activity and future prospects of the Group are covered in the Chairman's and CEO's Statement and the Directors' Business Review. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Finance Review.  Detailed information regarding the Group's current facility levels, liquidity risk and maturity dates are provided in the 2013 Report and Accounts. Current trading and forecasts show that the Group will continue to be profitable and generate cash. The banking facilities and covenants that are in place provide appropriate headroom against our forecasts. On 31 December 2012, the Company term loan was fully repaid.  On 23 April 2013, the Company secured a three-year £5.00 million multi-currency Revolving Credit Facility.  This is in addition to the Asset Based Lending facility, which was increased to a maximum £18.30 million availability.  Discussions with our existing Bankers confirm that they have no reason not to continue in the ordinary course of business to provide funding facilities to the Company on the current basis. The Asian term loan of £7.50m (S$15.10m) taken out in December 2011 to facilitate the purchase of PSEP is being repaid quarterly with the final repayment in December 2016. Current forecasts show that the Group has sufficient liquidity and headroom to continue to operate within these facilities. Considering the current forecasts, the Directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
2. Underlying profit and separately disclosed items
	2013	2012
	£000	£000
Underlying profit before tax	7,253	5,002
Separately disclosed items within administrative expenses
IFRS2 share-based payment charge	(91)	(227)
Intangible amortisation	(331)	(281)
Acquisition expenses	-	(391)
Restructuring (costs) / credit	(389)	656
Profit from continuing operations before tax	6,442	4,759
Of the 2013 restructuring costs £0.19 million refers to redundancy payments and associated costs in relation to compensation for loss of office for Seamus Murphy following his departure from the Board on 31 January 2013.  The remaining balance of £0.20 million, are further redundancies within the UK to drive the on-going efficiencies. The 2012 acquisition expenses were 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 comprised £0.84 million of provision releases in respect of onerous leases that had 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 £0.18 million costs incurred to close one of our sites in the US; the majority of these costs refer to redundancies and an onerous lease.

3. Operating segmental analysis
Segment information, is presented in the consolidated financial statements in respect of the Group's geographical segments.  This reflects the Group's management and internal reporting structure, and the operating basis on which individual operations are reviewed by the Chief Operating Decision Maker (the Board). Performance is measured based on segment underlying profit before finance costs and income tax as included in the internal management reports that are reviewed by the Chief Operating Decision Maker. This is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within the industry. Inter-segment pricing is determined on an arm's length basis. Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.  Segment capital expenditure is the total cost incurred during the period to acquire segment assets that are expected to be used for more than one period.
The Group is comprised of the following main geographical operating segments:
UK
Mainland Europe:	includes Norway, Sweden, Hungary, Ireland, Holland and Poland
USA:	includes USA and Mexico
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 four distinct geographical regions, which the Board use to monitor and assess the Group.
March 2013		UK	Mainland Europe	USA	Asia	Common costs	Total
		£000	£000	£000	£000	£000	£000
Revenue
Revenue from external customers		57,258	22,912	2,519	38,855	-	121,544
Inter segment revenue		1,672	564	104	4,253	-	6,593
Total revenue		58,930	23,476	2,623	43,108	-	128,137
Underlying operating result		4,135	1,108	295	4,411	(1,978)	7,971
Net financing costs		(471)	(1)	(1)	(195)	(50)	(718)
Underlying segment result		3,664	1,107	294	4,216	(2,028)	7,253
Separately disclosed items (note 2)							(811)
Profit before tax							6,442
Specific disclosure items
Depreciation and amortisation		140	49	15	1,065	317	1,586
Assets and liabilities
Segment assets		34,071	10,448	1,362	51,401	3,847	101,129
Segment liabilities		(22,925)	(2,817)	(150)	(13,152)	(1,663)	(40,707)
March 2012		UK	Mainland Europe	USA	Asia	Common costs	Total
		£000	£000	£000	£000	£000	£000
Revenue
Revenue from external customers		57,782	21,197	2,409	31,122	-	112,510
Inter segment revenue		1,489	514	35	4,052	-	6,090
Total revenue		59,271	21,711	2,444	35,174	-	118,600
Underlying operating result		2,735	522	97	3,764	(1,489)	5,629
Net financing costs		(487)	-	(1)	(51)	(88)	(627)
Underlying segment result		2,248	522	96	3,713	(1,577)	5,002
Separately disclosed items (note 2)							(243)
Profit before tax							4,759
Specific disclosure items
Depreciation and amortisation		177	38	18	645	318	1,196
Assets and liabilities
Segment assets		35,291	9,229	1,001	50,327	5,993	101,841
Segment liabilities		(26,396)	(3,072)	(255)	(16,048)	(2,582)	(48,353)
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.  Of the Asian external revenue, £2.66 million (2012: £2.73 million) was sold into the American market and £5.64 million (2012: £4.81 million) sold into the European market. Revenue is derived solely from the manufacture and logistical supply of industrial fasteners and category 'C' components.

4. Expenses and auditor's remuneration
Included in profit for the year are the following:
	2013	2012
	£000	£000
Depreciation	1,255	915
Amortisation of acquired intangibles	331	281
Operating lease expense	1,095	1,137
Foreign exchange loss	250	249
Auditors remuneration
Audit of these financial statements	40	39
Audit of financial statements of subsidiaries pursuant to legislation	147	140
Services in relation to the acquisition of PSEP	-	355
Other services relating to taxation	36	38
Other services supplied pursuant to such legislation	5	5

5. Taxation
			2013		2012
			£000		£000
Recognised in the income statement
Current UK tax expense
Current year			5		-
Double taxation relief			-		-
			5		-
Current tax on foreign income for the year			1,192		1,030
Adjustments for prior years			114		(60)
			1,306		970
Total current tax			1,311		970
Deferred tax expense
Origination and reversal of temporary differences			434		705
Adjustments for prior years			(11)		(78)
			423		627
Tax in income statement			1,734		1,597
			2013		2012
			£000		£000
Tax recognised directly in equity
Current tax recognised directly in equity			(69)		-
Deferred tax recognised in equity			(160)		(103)
Total tax recognised in equity			(229)		(103)
Reconciliation of effective tax rate ("ETR") and tax expense
	2013 £000	ETR %		2012 £000	ETR %
Profit for the period	4,708			3,162
Tax from continuing operations	1,734			1,597
Profit before tax	6,442			4,759
Tax using the UK corporation tax rate of 24.0% (2012: 26.0%)	1,546	24		1,237	26
Tax suffered on dividends	174	3		102	2
Non-deductible expenses	231	4		307	7
IFRS2 share option (credit) / charge	(10)	-		4	-
Deferred tax assets not recognised	(184)	(3)		287	6
Different tax rates on overseas earnings	(171)	(3)		(265)	(6)
Adjustments in respect of prior years	103	2		(138)	(3)
Tax rate change	45	-		63	2
Total tax in income statement	1,734	27		1,597	34
The UK current tax expense was low during the period as the UK was able to utilise the remaining UK tax losses that it suffered during the previous years. On 21 March 2012, the Chancellor announced a reduction in the main rate of UK corporation tax to 24%, with effect from 1 April 2012.  On 3 July 2012, a further reduction in the UK corporation tax rate from 24% to 23%, with effect from 1 April 2013, became substantively enacted.  The effect of the rate reduction on the deferred tax balances as at 31 March 2013 has been included in the figures above. On 20 March 2013, the Chancellor announced proposed changes to further reduce the main rate of corporation tax to 20% by 1 April 2015.  The corporation tax rate reductions to 21% and 20% have not yet been substantively enacted and therefore are not included in the figures above. It has not yet been possible to quantify the full anticipated effect of the announced further 3% rate reduction, although this will further reduce the Company's future current tax charge and reduce the Company's deferred tax accordingly.

6 Stocks
			Group
	2013	2012
	£000	£000
Raw materials and consumables	3,374	3,741
Work in progress	1,460	1,302
Finished goods and goods for resale	25,605	25,474
	30,439	30,517

7. Trade and other receivables
		Group		Company
	2013	2012	2013	2012
	£000	£000	£000	£000
Trade receivables	25,872	24,882	-	-
Non trade receivables and prepayments	1,376	1,413	6	13
Amounts owed by subsidiary undertakings	-	-	1,416	1,139
	27,248	26,295	1,422	1,152

8. Cash and cash equivalents / bank overdrafts
		Group			Company
	2013	2012		2013	2012
	£000	£000		£000	£000
Cash and cash equivalents per Statement of financial position	10,750	12,612		154	1,081
Bank overdrafts per Statement of financial position	(195)	(814)		(6,048)	(5,042)
	10,555	11,798		(5,894)	(3,961)

9. Other interest-bearing loans and borrowings
This note provides information about the contractual terms of the Group and Company's interest-bearing loans and borrowings. For more information about the Group and Company's exposure to interest rate and foreign currency risk, please refer to the 2013 Report and Accounts.
				Current				Non-current
Initial Loan Value	Rate		Maturity	2013		2012		2013		2012
Company
Term loan £4.00 million	Libor +3.75%		2012	-		999		-		-
				-		999		-		-
Other Group
Asset based lending £18.30 million (Maximum)	Base +1.89% to 2.25%		2014	9,675		11,804		-		-
Acquisition term loan S$15.11 million	Fixed 3.14%		2016	1,604		1,503		4,411		5,640
Bankers acceptances	3.64%		2013	-		41		-		-
MYR 0.2 million
Finance lease liabilities	Various		2013/2014	55		173		7		48
				11,334		13,521		4,418		5,688
Total Group				11,334		14,520		4,418		5,688
					Minimum lease payments		Interest		Principal
Finance lease liabilities					2013		2013		2013
					£000		£000		£000
Less than one year					55		1		54
Between one and two years					7		1		6
					62		2		60
In April 2013 the Company negotiated a £5.00 million three-year multi-currency Revolving Credit facility, which is secured by corporate guarantees and debentures over the Group's UK entities. The Asset Based Lending facility ('ABL') is secured over the receivables and stock of the Group's UK companies and the property of the Company.  The amount available is dependent on the receivables and stock levels.  Due to the revolving nature of this facility, it is shown as current on the Statement of financial position.

10. Trade and other payables
			Group				Company
		2013	2012		2013		2012
		£000	£000		£000		£000
Trade payables		12,851	13,856		-		-
Amounts payable to subsidiary undertakings		-	-		2,593		2,590
Non-trade payables and accrued expenses		7,012	8,206		782		848
Other taxes and social security		1,166	973		21		1
		21,029	23,035		3,396		3,439
11. Capital and reserves
Capital and reserves - Group and Company; see Statements of Changes in Equity shown earlier. The translation reserve comprises all foreign exchange differences arising from the translation of foreign operations, as well as from the translation of liabilities that hedge the Company's net investment in foreign subsidiaries. The merger reserve has arisen under Section 612 Companies Act 2006 and is a non-distributable reserve.
Share capital
						Number of Ordinary shares
						2013		2012
In issue at 1 April						106,867,708		85,246,086
Shares issued						1,363,202		21,621,622
In issue at 31 March - fully paid						108,230,910		106,867,708
The fair value of the ordinary shares issued was based on a share price of 17.0 pence and a nominal value of 5.0 pence. The total number of shares issued during the year was 1,363,202.
						2013		2012
Authorised
Ordinary shares of 5p each						10,000		10,000
Allotted, called up and fully paid
Ordinary shares of 5p each						5,412		5,343
The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

12. Dividends
During the year the following dividends were declared and paid by the Group:
	2013	2012
	£000	£000
Final paid 2012 - 0.50p (2011: nil p) per qualifying ordinary share	534	-
Interim paid 2013 - nil p (2012: nil p) per qualifying ordinary share	-	-
	534	-
After the Balance sheet date, a final dividend of 0.80p per qualifying ordinary share (2012: 0.50p) was proposed by the Directors.
	2013	2012
	£000	£000
Final proposed 2013 - 0.80p, (2012: 0.50p) per qualifying ordinary share	866	534

13. Earnings per share
Basic earnings per share The calculation of basic earnings per share at 31 March 2013 was based on the profit attributable to ordinary shareholders of £4.71 million (2012: £3.16 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2013 of 107,324,310 (2012: 91,643,717), calculated as follows:
Weighted average number of ordinary shares
	2013	2012
Issued ordinary shares at 1 April	106,867,708	85,246,086
Effect of shares issued	456,602	6,397,631
Weighted average number of ordinary shares at 31 March	107,324,310	91,643,717
Diluted earnings per share The calculation of diluted earnings per share at 31 March 2013 was based on profit attributable to ordinary shareholders of £4.71 million (2012:  £3.16 million) and a weighted average number of ordinary shares outstanding during the year ended 31 March 2013 of 112,586,386 (2012: 97,438,412), calculated as follows:
Weighted average number of ordinary shares (diluted)
	2013	2012
Weighted average number of ordinary shares at 31 March	107,324,310	91,643,717
Effect of share options on issue	5,262,076	5,794,695
Weighted average number of ordinary shares (diluted) at 31 March	112,586,386	97,438,412

The average market value of the Company's shares for the purposes of calculating the dilutive effect of share options was based on quoted market prices for the period that the options were outstanding.
EPS (Total)		2013 EPS			2012 EPS
	Earnings £000	Basic	Diluted	Earnings £000	Basic	Diluted
Profit for the financial year	4,708	4.39p	4.18p	3,162	3.45p	3.25p
Separately disclosed items:
IFRS2 share option	91	0.08p	0.08p	227	0.25p	0.23p
Intangible amortisation	331	0.31p	0.29p	281	0.31p	0.29p
Acquisition expenses	-	-	-	391	0.43p	0.40p
Restructuring costs / (credit)	389	0.36p	0.35p	(656)	(0.72p)	(0.67p)
Tax (charge) / credit on adjusted items	(195)	(0.18p)	(0.17p)	258	0.28p	0.26p
Adjusted	5,324	4.96p	4.73p	3,663	4.00p	3.76p
The 'Adjusted diluted' earnings per share is detailed in the above tables.  In the Directors' opinion, this best reflects the underlying performance of the Group and assists in the comparison with the results of earlier years (see note 2).
14. Preliminary announcement
The financial information contained in this Preliminary announcement which was approved by the Board of Directors does not constitute the Company's statutory accounts for the years ended 31 March 2013 or 2012.  Statutory accounts for 2012 have been delivered to the Registrar of Companies, and those for 2013 will be delivered following the Company's Annual General Meeting. The auditor has reported on those accounts; their reports were (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report and (iii) did not contain a statement under 498(2) or (3) Companies Act 2006.

15. Report and Accounts
This Preliminary announcement has been prepared in accordance with the accounting policies adopted under IFRS.  This Statement is not being posted to shareholders.  The Report & Accounts for the year ended 31 March 2013, together with the Notice of Meeting will be posted to shareholders and uploaded to the National Storage Mechanism in due course. Further copies will be available on request by writing to: The Company Secretary, Trifast plc, Trifast House, Bellbrook Park, Uckfield, East Sussex, TN22 1QW, Email: corporate.enquiries@trifast.com.  A copy will also be available on-line at  www.trifast.com.

16. Annual General Meeting
The Annual General Meeting will be held at 12noon on Tuesday, 17 September 2013 at Trifast House, Bellbrook Park, Uckfield, East Sussex TN22 1QW.

LSE Premium Listing: Ticker: TRI 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
Facebook: www.facebook.com/trfastenings
LinkedIn:www.linkedin.com/company/tr-fastenings
Twitter: www.twitter.com/trfastenings

Forward-Looking Statements

This document contains certain forward-looking statements.  The forward-looking statements reflect the knowledge and information available to the Company during the preparation and up to the publication of this document.  By their very nature, these statements depend upon circumstances and relate to events that may occur in the future thereby involving a degree of uncertainty.  Therefore, nothing in this document should be construed as a profit forecast by the Company.

This information is provided by RNS

The company news service from the London Stock Exchange

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