Trifast (TRI)

Sector:

Engineering

Index:

FTSE Small Cap

122.00p
   
  • Change Today:
      0.25p
  • 52 Week High: 193.00
  • 52 Week Low: 91.00
  • Currency: UK Pounds
  • Shares Issued: 135.93m
  • Volume: 80,440
  • Market Cap: £165.83m

Trifast raising up to £16m as it works through Covid crisis

By Josh White

Date: Friday 19 Jun 2020

LONDON (ShareCast) - (Sharecast News) - Industrial fastenings manufacturer Trifast updated the market on its response to Covid-19 on Friday, and announced its intention to conduct a non-pre-emptive placing of new ordinary shares to raise up to £15m, and a broker option to raise up to £1m.
The London-listed firm said the placing was being conducted through an accelerated bookbuilding process, launched on Friday morning.

It said the placing would help ensure that the group could continue to invest in long term growth, as well as maximise its growth in the short-term as markets recovered from the Covid crisis.

The funds raised would allow the company to maintain its current year investment of around £5m in Project Atlas and other growth enablers, and would provide the confidence to deploy up to £10m of incremental working capital investment.

It would also ensure the group emerged from the crisis with a stronger balance sheet, capable of providing a platform to support further organic and acquisition growth.

Trifast said its cash preservation actions had further reinforced its financial position amid the pandemic, with "good levels" of covenant and liquidity headroom to manage through the period of disruption.

The group delivered a "resilient performance" in line with revised market expectations in the 2020 financial year, the directors noted, despite challenging market conditions and the initial impact of Covid-19 in the fourth quarter.

Its board said it had taken "swift and effective" action in response to the outbreak, reducing the operational and financial impact on the business.

Activity levels had shown improvement during May and into June, and the firm said it had the ability to ramp up to full production across the business as conditions improved.

"Despite Covid-19 the next couple of years for Trifast remain a very exciting time for our business," said non-executive chairman Jonathan Shearman.

"As we look to implement and invest in a number of significant and positive changes in the way that we are structured and operate."

At 1234 BST, shares in Trifast were down 5.62% at 126p.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Trifast Market Data

Currency UK Pounds
Share Price 122.00p
Change Today 0.25p
% Change 0.21 %
52 Week High 193.00
52 Week Low 91.00
Volume 80,440
Shares Issued 135.93m
Market Cap £165.83m

Trifast Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
17.25% above the market average17.25% above the market average17.25% above the market average17.25% above the market average17.25% above the market average
10.53% above the sector average10.53% above the sector average10.53% above the sector average10.53% above the sector average10.53% above the sector average
Price Trend
58.51% below the market average58.51% below the market average58.51% below the market average58.51% below the market average58.51% below the market average
36.59% below the sector average36.59% below the sector average36.59% below the sector average36.59% below the sector average36.59% below the sector average
Income
83.95% below the market average83.95% below the market average83.95% below the market average83.95% below the market average83.95% below the market average
8.33% above the sector average8.33% above the sector average8.33% above the sector average8.33% above the sector average8.33% above the sector average
Growth
86.22% below the market average86.22% below the market average86.22% below the market average86.22% below the market average86.22% below the market average
100% below the sector average100% below the sector average100% below the sector average100% below the sector average100% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 0
Sell 0
Strong Sell 0
Total 2
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Trifast Dividends

  Latest Previous
  Interim Final
Ex-Div 12-Mar-20 12-Sep-19
Paid 09-Apr-20 11-Oct-19
Amount 1.20p 3.05p

Trades for 23-Oct-2020

Time Volume / Share Price
16:29 25 @ 118.50p
15:34 1,199 @ 124.40p
12:45 10 @ 125.00p
12:36 18 @ 125.00p
12:10 415 @ 120.00p

Trifast Key Personnel

Chair Jonathan Shearman
CEO Mark Belton
CFO Clare Foster

Top of Page