7/12/2012 5:22:00 PM
NEWS BRIEFS
Report: Trifast ‘Reviving” Its Reputation
MEDIA SPOTLIGHT — “Having rescued Trifast, the dynamic duo running the company are now focusing their attention on turning it into a consolidator in a fragmenting market,” writes Richard Beddard of Interactive Investor.
The “duo” refers Malcolm Diamond and Jim Barker — both former Trifast CEOs who returned to the company in March 2009 as chairman and CEO, respectively.
Beddard noted such performance highlights as:
Adjusted operating profit: up 30%
Return on tangible assets: 7%
Adjusted net profit of £3.5 million compared to net cash flow of £3.5 million (£3.5 million after net capital expenditure)
“(Trifast) is… a recovering company… added to the Thrifty 30 portfolio two years ago, partly because of the return of two former chief executives as chairman and chief executive, to turn the company around,” Beddard writes.
“They succeeded, and are now delegating operational control of TR Fastenings to its managers and focusing instead on acquisitions, starting with Power Steel and Electro-Plating Works Sdn. Bhd. in 2011, a Malaysian firm that manufactures fastenings for automotive assembly.”
Beddard reports that Diamond and Barker see a “world of opportunity ahead” in growing the business… “while simultaneously reviving its reputation for under-promising and over-delivering.”
But Beddard warned of tough times ahead. If it seems like they’re setting themselves up for a fall to you, the Human Screen agrees.
“The chairman and chief executive returned and rescued the company but at a time when the economy was at its weakest so, in part, the company’s revival is down to an anaemic recovery in many of its markets.”
Editor’s Note: Articles in Media Spotlight are excerpts from publications or broadcasts which show the industry what the public is reading or hearing about fasteners and fastener companies.
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Related Links:
• Trifast
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