Trifast plc (LON:TRI), the international specialist in the design, engineering, manufacture, and distribution of high-quality engineered fastenings, has provided a trading update for the six months ended 30 September 2026 ahead of the publication of its half-year results on 17 November 2026.
Trading update
Trading in the current financial year to date is in line with market expectations1.
Revenue decline in the period moderated to approximately 4.2% year-on-year (H1 FY26: 7.1%), as anticipated, reflecting the strategic decision to focus on the quality of revenue over volume.
This was primarily driven by a return to growth in the UK and increased stability in Europe, partly offset by softer demand in the Automotive industry in North America and Asia, with revenue from our planned operations in Saudi Arabia also being impacted by the continued disruption in the Middle East.
Gross margin remained in line with H1 FY26 at 28.7% and encouragingly underlying EBIT margin improved further by approximately 80 basis points year-on-year to 7.4%2, reflecting operational efficiencies, cost discipline and the benefits of transformation initiatives.
The Group’s balance sheet remains robust and leverage remains below 1x3. Our transformation projects continue to be funded by working capital improvements including Project Ignite which is expected to successfully conclude in H2 FY27.
Investing for growth
In response to customer demand for local inventory, shorter lead times and domestic delivery, the Group is investing in establishing a distribution platform in Mexico. Building this capability in Mexico will help enhance existing customer relationships, improve responsiveness and competitiveness, and open new opportunities across our Automotive, Smart Infrastructure and Medical end markets. The Group expects to invest approximately £4.6m in H2 FY27/H1 FY28 in the development of its Mexico distribution platform, which is expected to become operational during FY28.
Furthermore, the Group is delighted to open our new distribution centre in Chennai on 21 October, expanding capacity and strengthening service resilience in South India. The facility supports the continued growth of the Group’s Indian business, where demand is being driven predominantly by Smart Infrastructure, and provides a scalable platform to capture further growth in this attractive market.
Outlook
The Board remains confident in delivering further margin improvement in H2 FY27, targeting double-digit EBIT margins in the period, ahead of our stated timeframe. Our commitment to delivering high-quality revenue growth, continued margin improvement and cash generation is unchanged, notwithstanding the continued macroeconomic challenges, supported by our strongest ever commercial pipeline, and increasing customer demand for supply chain and engineered solutions in our key sectors.
The Board remains confident in the Group’s medium-term prospects and in the continued progress being made under the Recover, Rebuild, Resilience strategy.
Notice of Half-year results
The Group’s Half-year report for the six months ended 30 September 2026 is scheduled to be published on Tuesday, 17 November 2026 via the Regulatory News Service (RNS). The report will also be available on the Group website at www.trifast.com.
An in-person and virtual presentation will be held at OSiT, 46 New Broad Street, London EC2M 1JH on Tuesday, 17 November 2026 at 10:00 am.
Notes:
1 In so far as the Company is aware, as at October 2026, consensus market expectations for the year ending 31 March 2027 were for revenue of £214m, and adjusted EBIT of £18.2m. The consensus is based on the company-compiled consensus of analyst estimates. These estimates are analysts’ forecasts and are not produced or endorsed by Trifast.
2 with H1 FY26 underlying EBIT margin of 6.6%, restated from 6.3% following the reclassification of Project Ignite from capital expenditure to separately disclosed items at the end of last year.
3 The leverage ratio is calculated using adjusted underlying EBITDA and adjusted net interest, excluding the impact of IFRS 16 lease accounting and other adjustments specified within the facility agreement.
Unless stated otherwise, amounts and comparisons with the prior period are calculated at constant currency (Constant Exchange Rate (CER)). Where reference is made to ‘underlying’ this is defined as being before separately disclosed items.
