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Termination of coverage

Termination | Industrial Support Services | 10 Sep 2018

Edison Investment Research is terminating coverage on Trifast (TRI). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant.


Project Atlas helps map the future

Update | Industrial Support Services | 22 Jun 2018

Trifast delivered another record financial performance. FY18 results were modestly ahead of market expectations, but significantly ahead of expectations at the start of the year. Management is now launching Project Atlas to integrate its management, customer-facing and manufacturing processes through a GBP 15m investment over the next three years. By maintaining leading customer service and quality levels, the move is a clear support for the invest and grow strategy. Following the recent acquisition of Precision Technology Supplies (PTS) in the UK, the company retains adequate resources to pursue additional M&A should appropriate opportunities arise.


Encouraging momentum into FY19

Update | Industrial Support Services | 20 Apr 2018

Trifast’s pre-close trading update indicates another strong year of execution of the company’s well-developed growth strategy. The profit before tax for FY18 is slightly ahead of management expectations, with investment continuing to support growth. A strong order pipeline at the year-end serves to underpin confidence in continued organic progression. The acquisition of Precision Technology Supplies (PTS) in the UK on 4 April 2018 should also make a full-year earnings enhancing contribution, and we have raised our forecasts for FY19 accordingly.


Strong progress as investment continues

Update | Industrial Support Services | 21 Nov 2017

A strong set of interim results has led us to upgrade our EPS forecasts for FY18 by 5.0% and FY19 by 2.5%. Other than a weather-related hiccup in the smaller US activity, there was good like-for-like progress in Europe, Asia and the UK. Input cost pressures at the gross profit level were mitigated by strong overhead control. Investment for growth continues across all regions and the strong balance sheet should facilitate M&A as appropriate opportunities arise with management taking a more proactive approach in target identification. Trifast’s shares have been very strong in the run-up to the results and are rated more appropriately, in our view, with the P/E discount to peers substantially diminished.


Half year trading as expected

Flash note | Industrial Support Services | 25 Sep 2017

In its half year pre close update Trifast has indicated that trading continues to perform in line with management expectations, confirming the trends noted in the AGM trading statement in July. With organic investment continuing to add capacity and capability, we expect modest growth in the current year despite the continuing financial and political uncertainty and FX-induced margin pressure in the UK.


Good momentum in fasteners

Update | Industrial Support Services | 20 Jun 2017

As already announced, record FY17 profits have exceeded management expectations and growth was delivered with a strong cash performance and a sharp rise in the dividend. We have increased our EPS estimates marginally for 2018 with restrained growth expectations. As Trifast continues to deliver on its strategy, the 10% rating discount to peers should moderate.


Continuing improvement

Update | Industrial Support Services | 20 Apr 2017

Trifast has released a pre-close update that has indicated the favourable trading conditions persisted through the final quarter, boosted by FX tailwinds. As a result profits have exceeded management expectations, accompanied by a strong cash performance. We have increased our earnings estimates for both 2017 and 2018 once again. When combined with the stronger than expected net debt position this has led us to also increase our dividend expectations.


Faster fasteners

Update | Industrial Support Services | 16 Feb 2017

In its Q317 trading update management confirmed that Trifast remains on track to achieve another record full year performance. The shares have continued to perform strongly, rising by 43% since the interim results in October. The progress appears warranted by the FX enhanced trading performance, which has enabled us to modestly increase our FY17 and FY18 forecasts. The shares are now trading on an FY18e P/E of 17.6x.


Still powering ahead

Outlook | Industrial Support Services | 09 Nov 2016

A fine set of interim figures had been indicated in Trifast’s pre-close trading update. However, the 20% rise in underlying PBT has prompted a further rise in our estimates. Consistent investment across all key aspects of the group points positively to the future, despite growing global uncertainties. The recent rise in the share price seems fully justified.


Estimates raised

Update | Industrial Support Services | 04 Oct 2016

A positive trading statement confirms sound underlying progress, with a boost following the recent weakness of sterling. Forthcoming interim results should make good reading and we are lifting our FY17 estimates, fully justifying the recent forward move in the share price.


Another fine year's trading

Update | Industrial Support Services | 14 Jun 2016

Trifast has delivered another fine year's trading; diluted adjusted EPS has doubled from 4.73p in FY13 to 9.99p in FY16. Management has sustained a consistent level of investment (organic and acquisitions) to support the next stage of growth. This potential is not recognised in the share price.


Still delivering

Update | Industrial Support Services | 17 Feb 2016

Trifast is still delivering to plan, despite the more challenging trading climate. Management reports that trading has not been unduly affected, while investment continues in response to new business opportunities both in Europe and South-East Asia. The shares remain attractively priced.