Trifast announces record sales year and new CEO
14 July 2015
Reporting record full year results Trifast Plc also announced that Jim Barker will step down as CEO from 30th September and will be succeeded by current group financial officer, Mark Belton. "Full year results to 31st March show revenue grew by 19.2% to GB£154.74 million. Underlying pre-tax profits were up 56% to GB£14.31 million."
Trifast noted: “The impressive results in 2015 are stronger than originally expected. They reflect the operational improvements implemented by management over recent years, which are now delivering growth in both revenue and profitability, together with the upturn in confidence as we progressed through the year.”
Writing to shareholders, Chairman Malcolm Diamond, said: “I am delighted to confirm another year of outstanding performance, which firmly consolidates our transition from what was once considered a recovery situation to one of delivering consistent improvement and growth.”
He also commented on a key acquisition during the financial year. “Our ‘selective acquisition’ strategy was rewarded on 30th May 2014 when we added Viterie Italia Centrale SpA (VIC) to our Group. VIC, based in Italy, is the European market leader in the design and manufacture of specialist fastener assemblies for the domestic appliances sector. As a direct result of the acquisition, this market sector has grown to become a major contributor to our business representing 19% of Group revenue in 2015 (2014: 8%).”
Trifast said the forward order book was solid and trading performance continued to benefit from positive momentum experienced in the second half of the last year.
New CEO to start 2016
Jim Barker (pictured top right) will remain available to the Group in a consultancy role until 30th June 2016. He has completed more than 32 years service with Trifast. Having retired in 2007 after five years as CEO, he was re-appointed in 2009, when Malcolm Diamond also returned to the business.
Mark Belton (pictured bottom right) will take up the CEO position effective 1st October 2015. He has been with Trifast for 15 years and was promoted to the main board in 2010. Clare Foster will be promoted to chief financial officer and will join the main board.
Malcolm Diamond emphasised the importance the Trifast board places on progression and succession at the top level of the Group, noting that over the past two years it had carefully “examined and refined future plans and requirements so as to ensure we continue to drive performance.” He added: “I would like to wish Jim and his family a long and enjoyable impending retirement and congratulate Mark and Clare on their respective promotions."
