Trifast plc (LON:TRI), the international specialist in the design, engineering, manufacture, and distribution of high-quality engineered fastenings, has announced its audited results for the full year ended 31 March 2026.
Financial highlights
· Resilient FY26 performance delivered through disciplined execution, despite a challenging macroeconomic and geopolitical backdrop.
· Revenue down 7.3% to £207.1m (CER) and down 6.7% to £208.4m (AER) (FY25: £223.5m), as anticipated, reflecting softer market demand alongside the strategic decision to focus on the quality of revenue.
· Gross margin increased to 30.0% (CER) (FY25: 28.3%), supported by pricing discipline, mix improvement and structural efficiency benefits.
· Underlying EBIT increased to £16.3m (CER) (FY25: £14.9m), with EBIT margin improving to 7.8% (CER) (FY25: 6.7%) through continued margin management and operational efficiency actions.
· Underlying PBT increased to £12.3m (CER) (FY25: £10.4m), with £0.3m reduction in net finance costs.
· Profit before tax was £0.1m (AER) (FY25: £4.9m), after Separately Disclosed Items, including £6.0m of Project Ignite costs expensed in the year rather than capitalised, reflecting the accounting treatment for cloud-based implementation costs.
· Adjusted net debt reduced to £16.0m (FY25: £17.4m), with leverage improving to 0.75x (FY25: 0.97x) and cash conversion of underlying EBITDA remained strong at 94.1% (FY25: 100.2%).
· ROCE further improved to 8.5% (FY25: 8.1%).
· Dividend increased to 1.90p per share (FY25: 1.80p), in line with our progressive dividend policy and confidence in future cash generation.
Operational and strategic highlights
· Delivered the first year of the Rebuild phase of the Group’s Recover, Rebuild, Resilience strategy, expanding EBIT margin to 7.8% despite softer revenue and well on track to deliver the medium-term target of >10% EBIT margin
· Project Ignite / Microsoft D365 remains a key transformation programme, supporting better data, stronger controls, inventory visibility and scalable growth across key markets. Project delivery is progressing as planned, with spend appropriately controlled.
· Shared Service Centre capability in Hungary, the Malaysia manufacturing exit and continued process standardisation supported a leaner operating model.
· Portfolio focus continued to shift towards higher-value customers and verticals, with Smart Infrastructure now 17% of the portfolio and targeted to reach 30% by FY30, supported by strong underlying demand and growth across applications including HVAC, power distribution, data connectivity and water infrastructure.
· North America delivered growth, supported by Smart Infrastructure and Medical, while Europe and UK & Ireland protected profitability despite lower revenue; India is scaling rapidly with strong FY27 momentum.
· Bolt-on acquisitions targeted in specific geographic or industry growth areas.
Outlook
· The Group enters FY27 with improved operational and financial strength, structurally stronger margins, enhanced earnings visibility and a clear path back to profitable top-line growth, focused on key growth regions of North America and Asia.
· Positive momentum has continued into FY27, with the commercial pipeline the strongest since the strategy was implemented.
· Targeted internal investment supports further structural improvement, including ERP enablement and disciplined capital expenditure, enhancing pricing capability, operational efficiency and supporting margin expansion and cash generation.
· The Group continues to prioritise growth in Smart Infrastructure and Medical, where technical fit and resilience are stronger, supporting a more diversified, higher-quality growth mix.
· Macro challenges are being actively managed through robust forecasting, cost discipline and a structurally stronger operating model, supporting the Board’s confidence in the Group’s outlook.
· The Board remains confident in achieving the Group’s medium-term EBIT margin target of >10%, underpinned by structural improvements in efficiency, mix and pricing.
Iain Percival, CEO of Trifast, said:
“We are delivering what we said we would do: improving EBIT margins through disciplined, sharper execution and focused strategic change.
FY26 demonstrates that the Rebuild phase is working. We grew profits and expanded margins in a softer revenue environment, reflecting a deliberate focus on quality of revenue over volume.
Our pipeline is the strongest since the strategy was implemented. With increasing exposure to higher-growth areas such as Smart Infrastructure, Medical Equipment and India, and supported by scalable systems and improved commercial execution, we are well positioned to transition from rebuilding margins to rebuilding revenue.
We are increasingly acting as a mission-critical embedded partner within our customers’ supply chains, supporting higher-quality, more resilient growth. The path to a 10%+ EBIT margin remains clear and we are on track to deliver it.
I would like to thank all Trifast employees for their continued commitment in delivering this progress.”
*Consensus forecasts for FY26 prior to this announcement were: revenue of £207m, underlying EBIT of £16.0m and underlying PBT of £11.7m (AER).
