Trifast plc (LON: TRI), a specialist in engineered fastenings, has released a trading update for the six months ended September 30, 2025, revealing a revenue decline amidst challenging market conditions.
Despite the dip, the company maintains its full-year expectations, citing benefits from operational improvements.
Revenues for H1 FY26 decreased by approximately 6.4% year-on-year, primarily due to softer demand and tariff disruption. The UK Automotive sector experienced “unprecedented challenges,” further impacting revenue.
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However, growth in Smart Infrastructure, particularly in North America, partially offset these declines.
Underlying gross margin improved by 144 basis points to 28.8%, with margin management being the most significant contributor. Underlying EBIT margin also saw improvement, rising from 6.0% in H1 FY25 to 6.3% (CER).
Excluding the impact of unusually high exchange rate movements due to USD weakening, the underlying EBIT margin improved further, from 6.5% to 7.1%.
Trifast continues to benefit from self-help actions, realizing cost savings through a 10% reduction in non-operating headcount.
The successful consolidation of UK operations into the National Distribution Centre in the West Midlands also contributed to these savings.
Pre-IFRS 16 net debt increased modestly to £17.4m as of September 30, 2025, compared to £15.4 million in H1 FY25. This increase is attributed to planned additional investment in digital and technology strategic projects. Liquidity remains strong, with over £78.0m of the £120.0m banking facilities undrawn, and covenant leverage remains below 1.0x.
The Board’s current full-year expectations remain unchanged despite external market challenges. The company’s strategic focus remains on self-help levers, particularly those driving working capital improvements and margin enhancement.
Trifast remains confident in delivering its medium-term targets, including achieving an underlying EBIT margin of greater than 10%. This confidence is underpinned by the substantial groundwork already completed to make Trifast a more efficient, professional, and data-led organisation.
The Group’s Half-year report for the period ended 30 September 2025 is scheduled to be published on Tuesday, 18 November 2025.
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