Our purpose

To provide Trusted Reliability at every turn to our customers in global industry, empowering them to deliver products and solutions that add value to society. Our fastenings enable innovation today to build a better tomorrow

Our culture drives our performance

c.1,300

Employees

33

Global locations

8

Global manufacturing sites

Our mission and vision

 

To promote an environment that is safe and fair, which motivates, develops and maximises the contribution and potential of all employees

 

To be acknowledged commercially as the market leader in industrial fastenings in terms of service, quality, design, engineering support, together with brand reputation

 

To continue to grow profitability, improve stakeholder returns through organic and acquisitive growth, and by driving continual efficiencies throughout the organisation

Our culture

The Trifast values and culture continues to drive our performance and has been invaluable in dealing with the recent pandemic. With teams pulling together and supporting each other through such difficult times, we have been able to maintain the commitment and motivation of our people.

Trust

Trust

Respectful of each others' abilities

Respectful of each others' abilities

Integrity / open & honest

Integrity open & honest

Fairness

Fairness

Adding value and embedding quality in everything we do

Adding value and embedding quality in everything we do

Striving to achieve excellence/ continual improvement

Striving to achieve excellence / continual improvement

Team player acting for the good of the Group, recognising the bigger picture

Team player acting for the good of the Group, recognising the bigger picture

People focused / handling with empathy

People focused / handling with empathy

Leadership giving the empowerment to employees to take responsibility for their own actions

Leadership giving the empowerment to employees to take responsibility for their own actions

Commercially minded / entrepreneurial & innovative

Commercially minded / entrepreneurial & innovative

Trust

Trust

Respectful of each others' abilities

Respectful of each others' abilities

Integrity / open & honest

Integrity / open & honest

Fairness

Fairness

Adding value and embedding quality in everything we do

Adding value and embedding quality in everything we do

Striving to achieve excellence/ continual improvement

Striving to achieve excellence / continual improvement

Team player acting for the good of the Group, recognising the bigger picture

Team player acting for the good of the Group, recognising the bigger picture

People focused / handling with empathy

People focused / handling with empathy

Leadership giving the empowerment to employees to take responsibility for their own actions

Leadership giving the empowerment to employees to take responsibility for their own actions

Commercially minded / entrepreneurial & innovative

Commercially minded / entrepreneurial & innovative

Letters to shareholders

Highlights

* Before separately disclosed items which are shown in the financial statements

^ Presented after adoption of IFRS16 Leases in FY2020. For Underlying EBITDA and Underlying EBITDA%, the impact has been an increase of £3.5m and 170bps at CER (before IFRS16: £20.0m and   10.0%) and £3.5m and 170bps at AER (before IFRS16: £20.0m and 10.0%). For ROCE (AER) the impact has been a reduction of 100bps (before IFRS16: 13.0%). Less significant impacts on the   remaining metrics have been explained in a separate table shown in the Business Review

  • Resilient performance maintains revenues of £200m, despite challenging market conditions
  • Ongoing market share wins offset automotive downturn
  • Underlying operating profit margin holds up well at 9.0% (FY2019: 11.6%)
  • Strong cash conversion at 95.9% of UEBITDA reinforces the Group’s financial position
  • Balance sheet further strengthened by £16m equity raise in June 2020, providing confidence to invest in significant longterm growth opportunities
  • Swift and effective action in response to COVID-19 reduces impact on the business
  • Project Atlas ended FY2020 on track and on budget, the impact of COVID-19 will continue to be monitored as circumstances evolve
  • Pipeline of opportunities and activity levels remain encouraging
  • M&A opportunities increase in uncertain market conditions

The world of Trifast

Anticipating the needs of global customers

TR  has the ability to service customers in many different parts of the world and this sets us apart from many of our competitors. We respond to major customers’ needs to be in new territories to support them as they expand into these regions.

Broadening our operational footprint

Most recently this has seen us open locations in Spain, Thailand, Gothenburg and the Philippines. In addition, we have been able to support swiftly in opening logistics operations utilising 3PLs (third party logistics) in areas such as Slovakia and the Carolinas.

We will continue this strategy of developing our global TR  footprint as it is a key USP.

18

   Countries

33

Global
facilities

8

Manufacturing sites

3

Technical and innovation centres

Europe

Europe

TR ’S GLOBAL SUPPLY NETWORK

  • Germany — Verl
  • Holland — Oldenzaal
  • Hungary — Szigetszentmiklos
  • Ireland — Mallow
  • Italy — Fossato di Vico
  • Norway — Skytta
  • Poland — Warsaw
  • Spain — Barcelona
  • Sweden — Nacka, Tidaholm & Gothenburg
Trifast plc & Group Services – Uckfield
  • Belfast
  • Birmingham
  • East Grinstead
  • East Kilbride
  • Lancaster
  • Manchester
  • Newton Aycliffe
  • Poole
  • Houston
  • South Carolina
TR Asia headquarters – Singapore
  • China — Shanghai & Beijing
  • India — Bangalore Chennai & Pune
  • Malaysia — Penang & Kuala Lumpur
  • Philippines — Manila
  • Taiwan — Kaohsiung
  • Thailand — Bangkok
  • Head office Trifast plc
  • TR Asia Headquarters
  • Manufacturing & distribution sites
  • Distribution sites
  • Technical & innovation centres

Group strategy

Core strategy

Focus on multinational OEMs/Tier 1s

Link to KPIs:

  • Group total revenue
  • Medical/General industrial sector growth
  • Key multinational OEM/Tier 1 revenue
  • Underlying operating margin

Investing in our people

Our people are our greatest resource

Link to KPIs:

  • Group total revenue
  • Key multinational OEM/Tier 1 revenue
  • Return on capital employed (‘ROCE’)
  • Broaden skills of management

Investment driven growth

Careful investment for tomorrow ’s growth continues to be a key element of our strategy

Link to KPIs:

  • Group total revenue
  • Return on capital employed (‘ROCE’)
  • Manufacturing to distribution ratio
  • Underlying cash conversion as a % of underlying EBITDA

Continue to add value and differentiate

Quality and innovation underpins everything that we do

Link to KPIs:

  • Group total revenue
  • Key multinational OEM/Tier 1 revenue
  • Underlying operating margin
  • Geography of supply

Acquisitions

In a fragmented market, acquisitions provide a key growth opportunity

Link to KPIs:

  • Group total revenue
  • Return on capital employed (‘ROCE’)
  • Underlying diluted earnings per share (‘EPS’)
  • Manufacturing to distribution ratio
  • Geography of supply
  • Market sector growth

Operational efficiencies

An efficient and effective cost structure is the best way to future proof the business and support our growth strategy

Link to KPIs:

  • Group total revenue
  • Underlying operating margins
  • Group underlying profit before tax
  • Underlying diluted earnings per share (‘EPS’)
  • Underlying cash conversion as a % of underlying EBITDA

Core strategy

Focus on multinational OEMs/Tier 1s

Link to KPIs:

  • Group total revenue
  • Medical/General industrial sector growth
  • Key multinational OEM/Tier 1 revenue
  • Underlying operating margin

Investing in our people

Our people are our greatest resource

Link to KPIs:

  • Group total revenue
  • Key multinational OEM/Tier 1 revenue
  • Return on capital employed (‘ROCE’)
  • Broaden skills of management

Investment driven growth

Careful investment for tomorrow ’s growth continues to be a key element of our strategy

Link to KPIs:

  • Group total revenue
  • Return on capital employed (‘ROCE’)
  • Manufacturing to distribution ratio
  • Underlying cash conversion as a % of underlying EBITDA

Continue to add value and differentiate

Quality and innovation underpins everything that we do

Link to KPIs:

  • Group total revenue
  • Key multinational OEM/Tier 1 revenue
  • Underlying operating margin
  • Geography of supply

Acquisitions

In a fragmented market, acquisitions provide a key growth opportunity

Link to KPIs:

  • Group total revenue
  • Return on capital employed (‘ROCE’)
  • Underlying diluted earnings per share (‘EPS’)
  • Manufacturing to distribution ratio
  • Geography of supply
  • Market sector growth

Operational efficiencies

An efficient and effective cost structure is the best way to future proof the business and support our growth strategy

Link to KPIs:

  • Group total revenue
  • Underlying operating margins
  • Group underlying profit before tax
  • Underlying diluted earnings per share (‘EPS’)
  • Underlying cash conversion as a % of underlying EBITDA

PDF downloadGroup strategy

Business review

The Group delivered a resilient performance in FY2020. We have sustained both business and customers, despite challenging market conditions

Mark Belton Chief Executive Officer

Cash generation has been strong, with an increased conversion rate of underlying EBITDA to underlying cash of 95.9%

Clare Foster Chief Financial Officer

The Group delivered a resilient performance in FY2020. We have sustained both business and customers, despite challenging market conditions

Mark Belton Chief Executive Officer

Cash generation has been strong, with an increased conversion rate of underlying EBITDA to underlying cash of 95.9%

Clare Foster Chief Financial Officer

Downloads