Trifast plc Annual Report for the year ended 31 March 2022
208Pages

Growing sustainably, together Annual Report for the year ended 31 March 2022

Welcome from our Chair, Jonathan Shearman It is my pleasure to invite you to read more about the ongoing journey of delivering the potential that lies within Trifast Key highlights Revenue growth (CER) Underlying operating profit growth (CER)1 1. Before separately disclosed items (see notes 2 and 32) GAAP measures FY2022 FY2022 change Revenue growth Operating profit OP %

Financial review Chair’s introduction to governance Purpose, vision, mission and strategy Chief Executive Officer’s review Investment case – key reasons to invest Driving growth through our business model Operational Executive Board 94 Corporate governance report 96 Nomination Committee report 101 Act on environment and climate change Audit & Risk Committee report Build a sustainable supply chain 84 Directors’ remuneration report Enable sustainable innovation Directors’ report Statement of Directors’ responsibilities Key strategic indicators 12 Key performance indicators Investment case A...

Strategic report Purpose, vision, mission and strategy Trifast is a leading international specialist in the design, engineering, manufacture and distribution of high-quality industrial fastenings and Category ‘C’ components, principally to major global assembly industries To provide Trusted Reliability at every turn to our customers, suppliers and our people, empowering them to deliver sustainable products and solutions that add value to society and our planet To enable innovation today for a better tomorrow Investing for organic growth Read more on page 28 Project Atlas Read more on page...

Our culture Strategic report By working together, we can generate sustainable growth. Our strong values and culture enable us to continue to deliver and grow despite challenging macroeconomic conditions We do what we say we will do when we say we will do it – both inside and outside of our organisation We work together as a team and respect each other We are thoughtful of every individual and consistent in how we interact We are mindful of our impact on others and the environment and demonstrate integrity in all our actions We add value and quality to everything we do for our customers and...

Strategic report Chief Executive Officer’s review As we approach our 50 year anniversary in 2023, I am pleased to see how our business is transforming, from an international company with individual operations worldwide, to a more global company, working together as one team Over the last few years, we have seen the world change dramatically creating opportunities and challenges along the way. As a Group we have come together and met those changes head on. The combination of the Covid-19 pandemic and the Ukraine conflict has affected everyday life around the world in so many different ways....

Trifast plc Annual Report for the year ended 31 March 2022 Read more on page 32 Accelerated acquisition journey Following our successful integration and the solid performance delivered by TR Falcon, we continue our acquisition journey. With a focus on our strategic initiatives of rebalancing the regions alongside establishing supply chain support through more on/near‑shoring manufacturing capabilities to help deliver economic and environmental benefits. Read more on page 36 Additional information The macroeconomic environment (supply chain pressures, together with freight, energy and other...

Strategic report Chief Executive Officer’s review continued Investing in organic growth Organic investment is core to our strategy for growth and medium-term margin enhancement. This encompasses our people, our systems and targeted locational investments. Locational investment As we continue to expand, we need to ensure that our locations remain fit for purpose. In May 2022 we relocated our high growth Hungary operation to larger, purpose built facilities and around the beginning of FY2024 our UK-based PTS business will also relocate to facilities that are over 40% bigger, enabling it to...

As a Group, we continue to see significant scope to build the business through a mix of organic market share growth, as well as through strategic acquisitions. We are pleased with the progress we are making, albeit the operating backdrop continues to require considerable effort to be applied to managing rising inflationary costs and supply chain disruption, as well as the ongoing roll out of Project Atlas. I remain incredibly proud, as well as amazed as to how the TR teams around the Group cope with all of this on a daily basis. In the first three months of the new financial year Group...

Strategic report Investment case – key reasons to invest Trifast has one clear aspiration – to become a much bigger, more profitable company than the one we are today A global leader in attractive markets TR is a key global brand in a highly fragmented market. Our established global customer relationships and access to high growth/emerging markets support strong organic and acquisitive growth for the medium term Ambitious growth strategy Targeted investment in organic growth opportunities facilitates ongoing market share gains and enhanced profitability. Accelerated acquisition journey...

Strategic report Trifast plc Annual Report for the year ended 31 March 2022 Trifast is committed to securing a sustainable future. Our sustainability strategy will help us play our part in shaping a sustainable economy, using our technical expertise to drive innovation that adds value to society and our planet Additional information Financial statements A strong balance sheet, flexible banking facilities and a structured capital allocation framework provide the capability and confidence to invest for enhanced long-term returns Robust balance sheet and focus on capital allocation

Strategic report Driving growth through our business model Our distinctive mix of engineering expertise, high-quality manufacturing, and adaptable, reliable global logistics support delivery of our purpose A leading global brand We are a 24/7 ‘full service provider’ offering ‘end‑to‑end’ support to all our customers TR is a recognised and established global brand across a wide range of manufacturing sectors Technical know-how and design-led engineering capabilities Our engineering teams get involved from the start of the enquiry and design process, collaborating with our global OEM/Tier 1...