Trifast : Final Results
TRI.L
Published on 07/10/2025 at 02:15
Recover Rebuild Resilience
Annual Report 2025
for the year ended 31 March 2025
is to sustainably drive our customers' success by simplifying their fastener supply chain and supporting them in their technical requirements through our world-class engineering
and manufacturing capabilities
Trifast is a global leader in the design, engineering, manufacture and
supply of fastenings and Category 'C' components. Supplying major assembly industries, we deliver innovative solutions that enhance efficiency and performance
https://www.trifast.com
Catch up with our latest news and learn more about Trifast on our corporate website
Strategic report
1 Trifast plc Annual Report 2025 Governance
Highlights
Financial statements
Additional information
Financial highlights
Revenue
£233.7m
2024
£223.4m
2025
£244.4m
2023
£223.4m
2025
6.7%
2024
5.1%
2023
4.9%
Underlying EBIT percentage1
Non-financial highlights
Lost time incident rate
2024 | 0.27
1.33
2025
2023 | 0.01
CO2e reduction (FY19 baseline)
2025
(33.1)%
2024
(31.8)%
2023
(30.3)%
(25.2)%*
(21.0)%*
1.33
*Target
Strategic report
Highlights 1
We are Trifast 2
Chair's welcome 3
CEO review 4
Our markets 6
Delivering growth
through our business model 7
Our strategy 8
Our strategic progress 9
Key performance indicators 13
Section 172 statement 14
Stakeholder engagement 15
Governance
Chair's introduction
to governance 50
Governance at a glance 51
The Board 52
Corporate governance report 53
Nomination Committee report 58
Responsible Business
Committee report 61
Audit & Risk Committee report 63
Directors' remuneration report 70
Directors' report 93
Statement of Directors'
Profit/(loss) before tax
2025 £4.9m
2023 | £(2.7)m
6.7%
£4.9m
(16.8)%*
Employee engagement survey2
7.0
2025
6.7
2024
7.4
2023
(33.1)%
7.0
Financial review 18
Being a responsible business 23
Our people 24
Our planet 30
Our principles 36
Climate-related
financial disclosures 38
Non-financial and sustainability information statement 41
Risk management 42
responsibilities 95
Financial statements
Independent auditor's report 96
Consolidated income
statement 102
Consolidated statement of comprehensive income 103
Consolidated statement
of changes in equity 104
Company statement of
Working capital as a percentage of revenue1
40.8%
2024
41.4%
2025
45.9%
2023
41.4%
read more pages 18 to 22
Supply chain (percentage of spend3)
82.3%
2024
82.8%
2025
76.7%
2023
82.8%
read more on pages 23 to 37
Our principal risks 43
Our viability statement 48
changes in equity 106
Statements of financial
position 108
Statements of cash flows 109
Notes to the financial
statements 111
Additional information
Glossary of terms 166
Five-year history 169
Company and advisers 170
Financial calendar 171
See note 2 and 32 for further details
Average score out of ten for each question
Percentage of spend signed up to Slavery & Human Trafficking Statement
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2 Trifast plc Annual Report 2025 Governance
We are Trifast
Financial statements
Additional information
A trusted specialist
Driving success with simplified fastener
supply solutions, world-class engineering and manufacturing
Our ambition is to create a high-performing Trifast that is safe, inclusive and an enjoyable place to work for our employees and operates at the upper quartile of the industry peer group performance resiliently
16 1,200 c.8,300 65
Countries Employees Customers Countries
exported to
We supply billions of critical components to the world's leading industrial companies, with c.5.3bn being produced in-house
Our values
We work with integrity
We're agile and forward thinking
North America
Revenue1
£33.1m
UK & Ireland
Revenue1
£72.2m
Europe
Revenue1
£78.8m
Asia
Revenue1
£51.5m
We respect everyone
read more on pages 18 to 22 and online at https://www.trifast.com
Revenue by region1 Revenue by sector
We care about the environment
We're passionate and courageous
14.0% North America 30.6% UK & Ireland 33.5% Europe
21.9% Asia
38.2% Automotive
15.8% Smart infrastructure
13.4% Distributors
1.2% Medical equipment
31.4% Other
1. Revenue by regions including intercompany sales
Strategic report
3 Trifast plc Annual Report 2025 Governance
Chair's welcome
Financial statements
Additional information
Recover Rebuild Resilience
Chair
The Board would like to thank all Trifast employees for their commitment to ensuring we meet our customer requirements and their relentless drive to innovate and adapt to changing customer needs. Our ELT and management teams have demonstrated
an outstanding ability to combine market knowledge with customer engagement and innovation to consistently deliver high-quality products and services to
the market.
The Group has a clear strategy and a direct line of sight for further value creation opportunities. I look forward to our future with confidence as we continue to build
on the significant progress of our strategy and the continued transformation of this Company as part of our Rebuild and Resilience journey.
The 2025 AGM will be held at the offices of Peel Hunt, 100 Liverpool Street, London EC2M 2AT on 11 September 2025 at 12.00noon. The Board look forward to
seeing many of our shareholders at the AGM.
Finally, on behalf of the Board, I would like to thank our colleagues, suppliers,
customers and investors for their continued support. Your Board has the right balance of skills and expertise to continue to support and challenge management as
we move forward in the Rebuild phase of Trifast. We can also confirm that this Annual Report, taken as whole, is fair,
balanced and understandable and provides the information necessary to assess the Company's position, performance, business model and strategy.
The Board are recommending a final
With our Recover, Rebuild and Resilience transformation roadmap delivering positive impact, the Board and Executive Leadership Team are dedicated to executing its strategy and value proposition
dividend for the year ended 31 March 2025 of 1.20p.
Our continued focus on growth through the transformation process allows the Board
to monitor our dividend policy and adjust where it is prudent to do so.
Chair
9 July 2025
Welcome to the Trifast plc 2024/25 Annual
Report and Accounts.
I am delighted to report an excellent full-year performance by the Group.
Led by our committed Executive Leadership Team (ELT), Trifast has built on the strategy presented last year to shareholders, and has continued with the business transformation, giving us a strong platform for future success.
The Board remains focused on ensuring that the Principles of the UK Corporate Governance Code are applied. My introduction to the governance report on pages 50 to 51 sets out how the Board has complied with the Principles of the UK Corporate Governance Code 2018 throughout the financial year ended
31 March 2025, and where we have already started to incorporate the Principles of the 2024 Code, which will apply to Trifast plc from 1 April 2025.
We continue to encourage shareholders to elect for the Dividend Reinvestment Plan, which we launched last year and is proving a success with many shareholders already.
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4 Trifast plc Annual Report 2025 Governance
CEO review
Financial statements
Additional information
Significant progress and momentum
Chief Executive Officer
Our people are at the centre of our business, and in FY25 we embarked on making a significant shift in the Company's health
and safety culture. We rolled out training and engagement sessions to our Senior Leadership Team, which has already delivered a positive and tangible change in our reporting of safety observations, near miss occurrences and safety incidents.
The collective goal that 'we all go home safe every day' is paramount and, whilst it is disappointing to report that we had sixteen lost time or recordable accidents last year, it is also important to note that we are now truly seeing the baseline of our current performance and operational risk environment. Through the awareness and engagement of our teams in health and safety, coupled with a structured improvement plan at every location,
I am pleased that we have continued to strengthen the Executive Leadership Team, with the external appointments of Grainne Lawlor as Chief Technology Officer and Clare Taylor as Chief People & Transformation Officer.
Both Grainne and Clare bring significant functional and business transformation experience to the Company. Additionally, we were delighted to confirm the appointment of Kate Ferguson as Executive Director and Chief Financial Officer in September. Kate's financial experience is already proving to be an asset to both the Board and ELT. Finally, in July this year I can confirm that Eva Pitts will join us as
our North America Managing Director. Eva will be based out of our facility in Houston, Texas, and joins us from ITW, a global multi-industry manufacturer. She brings significant commercial and general
and new environment, health and safety
standards launched in the year, we expect
management experience to our North
American team.
Trifast teams continue to provide great quality and service, reflecting our ambition to deliver a OneTR culture and organisation, with the right skills in the right place
to see continued reduction in the number and severity of incidents going forward.
Given the amount of change across our organisation and the wider economic
I have enjoyed meeting with many of our customers and supply chain partners over the year. Hearing about their respective challenges and motivations first-hand has
In last year's Annual Report, I set out our new purpose, vision, values and business strategy and, 12 months on, I am pleased to report to you on the significant progress
and momentum delivered in the year ended 31 March 2025. Having visited every Trifast location during the year, taking those opportunities to engage with our teams, sharing our new strategy and discussing what it meant to them, I am proud of our collective achievements and results, and I want to thank all of our employees for their contribution to a successful year.
1. See the definition of EBIT in our glossary on page 166
There is no doubt that FY25 was a challenging year for the Company and employees, particularly from an external market perspective.
The continued economic impacts from geopolitical tensions and conflicts and continued high inflation and exchange rates led to nearly all of our industrial end markets experiencing negative growth. Despite
that, Trifast's performance illustrates that the execution of our strategy is delivering profitable growth and margin improvement in line with our Recover, Rebuild, Resilience ambition of >10% EBIT1 margin over the medium term.
environment, it is also pleasing to report that our annual employee engagement survey recorded positive increases in the overall participation response (from 61% in FY24 to 89%) and average engagement score (from 6.7 to 7.0), with all Trifast locations completing at least two of the three improvement actions identified from the previous survey. This is incredibly pleasing to me as CEO, and the Senior Management, and an endorsement of the changes we are making.
allowed the Company to adapt, align and
better partner where we can. In this way, the Trifast teams continue to provide great quality and service.
These conversations also have convinced me more than ever that our core value proposition of supply chain simplification, manufacturing and engineering excellence is a winning combination and that we deliver significant value to our customers through our continued focus on each of these elements.
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CEO review continued
Financial statements
Additional information
We said that FY25 would be a year of fiscal progress, and I am delighted that we can celebrate and recognise the achievement of the first phase of our plan. The Recover phase has been about changing the trajectory of our business from negative
to positive. Our gross and underlying EBIT margins have improved to 28.3% and 6.7% (FY24: 25.4% and 5.1%) and our continued focus on working capital has enabled us to also reduce net debt and leverage to 0.97x (FY24: 1.30x). We achieved these results by driving our four key strategic initiatives of margin management, focused growth, organisation effectiveness and operational efficiency throughout the year.
In our first year of strategy execution, it is great to see meaningful progress in all four key strategic initiatives.
Margin management
We said we needed to address underperforming customer relationships professionally and, in some cases, accept that we exit unprofitable business.
Additionally, we have addressed customer relationships where the value we provide is not reflected in the price paid and, in many cases, our data-driven approach has ensured positive progress whilst retaining strategic relationships. We have also collaborated
with our supplier partners, ensuring equally, that we are driving value and efficiency from those long-term relationships.
Whilst we are conscious that there remains more to do, it is encouraging to see the results of these actions and efforts reflected in improvements in both our gross margin and underlying EBIT.
Focused growth
Targeting the three core markets of automotive, smart infrastructure and medical equipment, it has been good to see our commercial and engineering teams actively engage with customers in these markets, driving more than 90% of our new business wins. Shifting momentum and balancing our portfolio to these three markets over the mid-term remains our
objective and, in particular, whilst we remain committed to profitable growth technologies in automotive, we are focused on increasing our market shares in smart infrastructure and medical equipment to achieve a better overall balance in our portfolio.
Organisation effectiveness Throughout FY25 we have driven a significant amount of self-help actions by challenging and transforming our
organisation design and capability to reflect our new business strategy. More than 30% of our wider Senior Leadership Team (ELT and SLT) are new to Trifast in the past 18 months, reflecting our ambition to deliver a OneTR culture and organisation, with the right
skills in the right place. We also continue to strengthen our global operations with consistent business processes and internal controls.
Whilst transformation and restructuring is difficult, it is something we have tackled transparently and professionally with those involved, as we seek to deliver the Recover, Rebuild, Resilience journey. Our leaner, fitter and more capable organisation is well positioned to manage the continued transformation, and the actions taken
this year have contributed to the overall margin improvement.
Operational efficiency
One of Trifast's strengths is our customer-focused culture. We have a passion for delivering customer excellence.
However, we also recognise that given the previous business model approach of standalone entities, we were leaving
opportunity for leveraging best practice and optimising the investment made into our D365 ERP platform and not building a strong complimentary operational excellence culture. Through OneTR, we have put in place balanced scorecards of operational metrics for distribution and manufacturing and are using the global operations leadership to leverage and drive operational efficiency improvements across our business. We completed the consolidation
of our UK distribution footprint into our purpose-built National Distribution Centre in April 2024 and since then have achieved stabilisation of operational performance and delivery of the committed financial benefits from this project.
Our commitment to being a responsible business has not changed, and I am delighted to see business initiatives such as renewable energy sourcing and solar power at our TR Italy manufacturing facility. We are also implementing environmental initiatives such as packaging material improvements and logistics efficiencies for FY26. We have set ourselves stretching medium-term targets which will require us to be innovative and engage with our supply partners as
we continue to reduce our carbon intensity in line with our stated commitments.
Read more on these initiatives and targets on pages 30 to 35
As we look to the future, despite continuing external market challenges, we remain confident in delivering our mid-term ambitions. We still have much to accomplish, especially through self-help actions in our four key strategic initiatives and continued focus on delivering the strategy. We
are determined to improve our safety performance and engagement for those working with us, and remain committed to being a responsible business within our communities and be a company that everyone is proud to be associated with.
I remain positive and excited about this journey and am looking forward to leading Trifast colleagues through another year of success and achievement. I am also looking forward to meeting our shareholders at our AGM in September.
Chief Executive Officer
9 July 2025
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Our markets
Automotive
While this sector is well represented across all TR regions, further development with the world's leading automotive
Tier 1 and 2 system suppliers is evident through engineering engagement as new technologies are introduced. This growth potential allows the opportunity to drive a more risk-managed contractual relationship as we partner meaningfully on technologies and systems which will be applied to future vehicle platforms.
Revenue
£85.4m
7.6%
Expected medium-term market growth
c.5%
Smart infrastructure
The fastest-growing sector in our business today, as data centres, smarter power grids and interconnected cities drive demand.
This increased demand is augmented by our deliberate partnering with key
smart infrastructure customers, providing engineering, manufacturing and simplified supply chain solutions. Our focus on five subsegments of growth (lighting, HVAC, water, power and data, communication and connectivity) has global appeal to our
customer base, driving home the key tenets of consistent quality, global reach and application solutions.
Revenue
£35.3m
7.8%
Expected medium-term market growth
c.7%
Future growth potential
Financial statements
Additional information
Medical equipment
Investment in new technologies to address emerging and developing health needs around the world has seen increased customer engagement across key geographies. Our medical customers are often entrepreneurial science-based startups or leading global brands, both typically served locally. As we invest in our team structures and quality systems to support with increasing regulatory requirements, we are driving a global approach that delivers through our value proposition, and we remain focused on the mid-term upside
from this key sector.
Revenue
£2.6m
0.5%
Expected medium-term market growth
c.6%
Building on our strategic sector focus, we have continued our investments in infrastructure, systems and our people. Now poised for further profitable growth in all regions, we have created agility and an ecosystem for sharing opportunities and best practice
Geographic
Even with our well-established footprint across key global industrial regions, we find opportunities to drill specifically into targeted development - North America, India, Southern Asia and Central and Eastern Europe; all have exciting upside pipeline opportunities of significance.
Customer focused
We have created and are investing in a customer-centric experience, aimed at a core group of key global customers across our target markets. Driving and delivering value creation in customer engagement through our three-way propositions of supply chain simplification, engineering and manufacturing.
Future-proofed
Our target sectors are fundamental components of society, and their developing technologies provide many opportunities for us, with these regions of focus all central contributors to the world's GDP.
7 Trifast plc Annual Report 2025
Delivering growth through our business model
Governance Financial statements Additional information
Engineering
Our early involvement in design and strong technical knowledge allows us to offer significant engineering
capability and innovation to help drive value, solve application problems and support new product development
Strategic report
Our engineering team can assist with an enhanced level of technical and design support to meet your specific needs, and can offer constructive solutions
Our manufacturing capabilities across Asia and Europe continues to evolve as we add capacity and investment to support the needs of our global customers
We have a trusted network of global supplier partners with strong relationships and clear expectations of aligned high-integrity and responsible supply chain
Recognising and focusing on our core competitive strengths and value proposition allows us to engage in long-term, more focused customer relationships, creating mutual and sustainable value through which we deliver on our purpose of sustainably driving our customers' success
Our people bring our strategy and purpose to life. We aim to deliver our growth ambitions through consistently driving the right behaviours and creating an environment that promotes positivity, wellbeing and high levels of employee engagement
What sets us apart How we do it The value we create
People
We prioritise attracting and retaining top talent, ensuring a safe,
inclusive and high-performing working environment. Our focus on employee health, safety and wellbeing, enables a culture that supports personal growth and fulfilment
Customers
We simplify supply chains for customers, offering engineering and manufacturing capabilities to solve application problems and support new product development. We focus on long-term relationships and delivering sustainable success
Manufacturing
With our manufacturing capacities and capabilities, we offer the confidence and know-how of threaded fastener technology and a high-quality supply chain that is capable of manufacturing critical components in-house
Suppliers
We work closely with suppliers to create long-term value, supporting growth opportunities and developing a high-integrity, responsible supply chain
Shareholders
We aim to deliver long-term and sustainable shareholder value through strategic growth, operational efficiency and maintaining a strong balance sheet
Communities
We are committed to supporting local communities through responsible operations and employee engagement, ensuring their activities contribute positively to the socioeconomic environment
Supply chain simplification
We offer our customers supply chain simplification and deliver a solution that removes
administration, engineering and supply chain complexity, allowing our customers to focus on their own core competence, technology and higher-value components
Environment
We focus on improving sustainable performance, managing environmental impacts through ISO 14001 certified systems and innovating to deliver products with enhanced sustainability
Regulators
We ensure compliance with all relevant laws and regulations, maintaining high ethical standards and adapting to regulatory changes to mitigate risks and seize opportunities
Underpinned by our values
See more about who we are and what we do on our website: Our Company
We work with integrity
We're agile and forward thinking
We respect everyone
We care about the environment
We're passionate and courageous
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Our strategy
Having launched our new business strategy, we have made significant progress in all four strategic initiatives.
In FY25, our performance has benefitted largely from the driving of self-help initiatives. These have included negotiating improved value-based pricing and/or walking away from low-margin business, strengthening
our total cost of ownership with our key strategic suppliers, driving logistics and operational efficiencies, particularly in the UK following the stabilisation of our warehouse consolidation into the NDC, and manufacturing utilisation efficiencies
across all our manufacturing locations and through implementation of the organisation's development work centred around our OneTR business model.
Recover
In FY25, we successfully completed the Recover stage of our strategy, delivering measurable progress in profitability, margins, cash generation and return on capital employed
Our value proposition of supply chain simplification, manufacturing and engineering excellence will deliver value and profitable growth in our chosen markets of automotive, smart infrastructure and medical equipment.
We will continue to drive self-help benefits in FY26 through our four key strategic initiatives of margin management, focused growth, operational efficiency and organisation effectiveness with the expectation that the economic recovery will support top and bottom-line growth over the mid-term.
Rebuild
Looking ahead, our focus now turns to delivering the continued profitability, margin and returns progression towards our mid-term target of >10% EBIT margin and ROCE >12% through continued execution of our strategy with our OneTR business model
Following the announcement of our Recover, Rebuild, Resilience transformation plan last year, the business is seeing positive change and demonstrating operational and financial resilience through strategy execution
We continue to effectively navigate the current global challenges and economic conditions by focusing on our key objectives of margin management, focused growth, organisational effectiveness and operational efficiency, all of which are supporting improved returns despite the mixed
demand backdrop.
Read more in the CEO review on pages 4 and 5
Financial statements
Additional information
Our long-term goal is to be measured alongside the best in our industry, meaning we need to demonstrate resilient and sustained level of high performance through the economic cycle.
We have made significant progress in FY25 in strengthening our leadership and bench including internal talent development, putting in place standard business processes across many aspects of our business which build on the investments made in technology like D365 and on the OneTR business
model and culture. These foundational improvements will be built on and expanded every year to support this long-term goal.
Read more about our
Future Leadership Programme on pages 11 and 24
Resilience
Our final stage is to ensure our business delivers sustainable double-digit EBIT margins and ROCE by being a stronger, more capable and more agile business. As we move through the transformation and turnaround journey, we are building better business processes, leveraging best practices and enhancing our talent and bench strength to enable this sustained performance
Our Recover, Rebuild, Resilience strategy is delivered through four key initiatives:
Margin management
Focused growth
Organisational effectiveness
Operational efficiency
Read more on page 9
Read more on page 10
Read more on page 11
Read more on page 12
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Our strategic progress
Financial statements
Additional information
Margin management
Strategic focus
Pricing increases with low-margin customers/products
Procurement savings
What we've achieved
Gross margin has increased by c.300bps
TruProfit 2.0 toolkit deployment
New pricing and procurement policies rolled out
Targeted commercial training delivered
D365 data analytics providing outstanding insight
Procurement organisation alignment completed
Our future focus
Continued gross margin progression
Smart costing tool for optimisation of manufacturing capability utilisation
Value engineering workshops with customer key accounts
CBAM and sustainable sourcing/supplier management
Key account quarterly business review process embedded and rolled out
Strategy in action
Embedding commercial interaction
Margin management occurs at several touchpoints during customer and supplier interactions. A cross-functional TR community ensures professional engagement consistently.
This commercial interaction is often structured through formal periodic business reviews (QBRs), where a format that encourages challenge and seeks positive outcomes is employed.
Cross-functional collaboration with customers During a key commercial negotiation with a customer, our global sales leadership collaborated with our engineering team and a TR manufacturing location. Utilising data from our D365 investment, we were able to demonstrate the necessity of significant price increases due to inflationary inputs and volume demand.
Margin enhanced, value created
Our innovation colleagues facilitated an application engineering discussion, resulting in a solution for the customer by altering the fastener design, enabling production within
a TR factory. This collaboration between engineering, sales and manufacturing reduced our first increase request to the satisfaction of the customer, still introducing new raised
pricing but achieving dual increased margins - one for the TR distribution site and another for the TR production facility.
+c.3%
Gross margins enhanced by c.3%
Read more on our website: Our services
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10 Trifast plc Annual Report 2025 Governance
Our strategic progress continued
Financial statements
Additional information
Focused growth
Strategic focus
Profitable expansion of share of wallet with existing growth customers
Target customer acquisitions in chosen market sectors
What we've achieved
Automation of new reporting framework
which maps customer accounts to new strategy sectors and provides dashboards to monitor growth
New customer wins
Diversification of pipeline opportunities into smart infrastructure and medical equipment
Centralised engineering organisation and innovation roadmap in place
Additional engineering resource added in North America and Asia
Our future focus
Build out engineering and commercial teams in Asia and NA
Accelerate portfolio balance for new business wins
Build and pilot virtual innovation centre bringing value proposition to life through customer engagement
Globalise smart infrastructure key account relationships
Develop and integrate pipeline tools and process including training
Strategy in action
Smart infrastructure customer collaboration
Trifast was recently awarded 100% of the fastener spend for a long-standing customer's new Middle East facility, reflecting our strong relationship and alignment with the sector's needs.
Our place on their Approved Vendor List (AVL) is based on our ability to meet strict quality standards and respond quickly to demand.
Plas-Tech 30-20®: Advancing our fastening solutions portfolio
The Plas-Tech 30-20® represents a significant enhancement
to the Plas-Tech® range of screws, specifically designed for direct installation into plastic materials. The introduction of the range was the result of extensive internal development, installation and performance trials which not only enhances our product offering but also enables us to provide customers with a high-quality, cost-effective solution directly from our own manufacturing facilities.
A notable example of our ability to provide bespoke solutions is the Plas-Tech 30-20® custom design developed for an established customer that manufactures metering systems, highlighting the product's versatility for applications in smart infrastructure.
Constant force springs - EV interiors
TR developed a specialised fastener solution for the latest model of a customer's electric vehicle's sliding central consol. A combination of advanced technical insight
and early engagement during the initial design stages, along with optimised production techniques, resulted in a superior solution.
>90%
New business wins aligned to strategic end markets
Read more on our website: TR develops spring solution for automotive customer
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11 Trifast plc Annual Report 2025 Governance
Our strategic progress continued
Organisational effectiveness
Financial statements
Additional information
Strategic focus
Health and safety environment and performance change
Engagement, performance management, talent management and OneTR culture change
Technology enablement
Financial controls standardisation and best practice
What we've achieved
Embedded a stronger safety environment
Enhanced communication and engagement
Significant progress on our OneTR business model based on four geographical regions and supported by central enabling functions
Simplified and streamlined operating model
Delivered restructuring benefits of 10% non-operating headcount as committed
Office 365 technology and Cognos financial tool implemented globally
Our future focus
Further organisation model work to strengthen and standardise structure, roles and responsibilities
Optimisation of administration through shared services in technology, quality and finance
HR processes (performance management, reward and recognition, culture engagement and inclusion, talent and capability)
Technology enablement through D365 ERP implementation into remaining locations
Strategy in action
Future Leaders Programme
FY25 saw the launch of the Future Leaders Programme; a global programme designed to identify and nurture emerging leaders from across the business and sponsored by ELT members.
Read more about our Future Leadership Programme
Financial consolidation processes enhanced Trifast recently undertook a significant project to enhance its financial consolidation processes. The project not only improved efficiency and data accuracy but also provided a
scalable and user-friendly solution that supports our ongoing growth and strategic objectives.
Investment in vacuum solvent washing machine
TR Singapore invested in a highly sophisticated cleaning machine that does not require the use of kerosene during the fastener cleaning process, improving workplace safety and productivity. It also recycles and filters the cleaning solution to reduce our environmental impact.
Read more on page 29
Safety improvements
During FY25, we developed, communicated and implemented a health and safety strategy that fully encompassed all areas of our business under our OneTR mentality. This has increased accountability for safety leadership, promoted a data-led approach for eliminating and reducing risk and set clear expectations and standards for improving our global locations.
Read more on pages 27 to 29
+3%
Employee engagement score enhanced by 3%
Read more on our website: Our People
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12 Trifast plc Annual Report 2025 Governance
Our strategic progress continued
Financial statements
Additional information
Operational efficiency
Strategic focus
Supply chain optimisation
Distribution and manufacturing efficiencies
What we've achieved
£3m annualised cost savings from our NDC operational improvement programme
Logistics and supply chain optimisation and manufacturing asset utilisation improvement in Europe
Development of efficiency improvement roadmap for both distribution and manufacturing facilities including balanced scorecard of performance metrics
Investment of c.£2m in new equipment to strengthen safety, quality and efficiency capability
Our future focus
Driving efficiency gains using balanced scorecard metrics and lean project capabilities
Asia manufacturing capability and utilisation improvement
Sustainable technology solutions including solar projects
Sustainable packaging solutions innovation
TR Inventory Management (TRiM) solution development and roll out to appropriate customers
Strategy in action
Material handling investment
Safety is a key focus within our operations, ensuring our people go home safe and well at the end of each working day.
TR Hungary has been focusing on workplace organisation and the safe handling of product throughout the picking and packing process to ensure people and non-pedestrian handling equipment are properly segregated, and risks are
managed, alongside looking for ways to enhance the handling of heavy fasteners.
Our supply chain simplification journey
We have partnered with a third-party provider of smart solutions that allows us to provide digital solutions to our customers for the management of fasteners and components on the production line.
TR Shanghai micro factory
To primarily support Chinese customers, who prefer to deal with local manufacturers, in addition to the current distribution business, TR Shanghai set up a micro factory to specialise in the production and supply of screws to the automotive, smart infrastructure and medical sectors.
The factory will commence production during Q2 of FY26, with the capacity to expand production further.
£3m
Delivered c.£3m annualised efficiency and organisational savings
Read more on our website: Our Services
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Key performance indicators
Financial statements
Additional information
These metrics are aligned to our strategic framework and the majority
Underlying profit before tax (%)1
Working capital as a percentage
of revenue (%)1 Underlying ROCE (%)1
link to executive remuneration
In FY25, 80% of executive annual bonus was directly linked to financial KPIs. For further details, please see the
Directors' remuneration report on pages 70 to 92.
2.8%
FY25 4.6% FY24
FY23 3.8%
Our aspiration is to become a more profitable company. Underlying profit before tax margin enhancement is expected to come from margin management, focused growth, organisational effectiveness and operational efficiencies
Underlying profit before tax has increased by 180bps primarily due to the margin management initiatives driven from the new strategy and reduced interest costs
40.8%
FY25 41.4% FY24
FY23 45.9%
An efficient allocation of capital on the balance sheet drives improved quality of earnings and reduces the additional investment needed
to support organic growth. Working capital efficiency remains an ongoing focus
Working capital as a percentage of revenue saw a marginal 60bps adverse movement compared to FY24. We remain focused on driving improvements in working capital efficiency, with ongoing initiatives aimed at enhancing debtor collections and optimising inventory levels
5.7%
FY25 8.1% FY24
FY23 5.4%
ROCE looks beyond profit to measure how efficiently we are able to generate a return to our investors. Enhancing this metric continues to be a key focus for the Group. Our strategic priorities and capital allocation criteria have been specifically set to support this
The increase in ROCE reflects higher profit performance combined with reduced average debt resulting in 240bps improvement to 8.1%
Employee engagement survey
CO2e reduction from FY19 baseline (%) Lost time incident rate
Average score out of ten for each question
FY25 (33.1)% FY24 (31.8)%
FY25 1.33 FY24 0.27
FY25 7.0 FY24 6.7
FY23 (26.8)%
FY23
0.01
FY23 7.4
We are committed to maintaining high standards of environmental management. We are aligning ourselves with the Science Based Target initiative (SBTi) to ensure our measurements and targets are meaningful
Our overall scope 1 and scope 2 emissions for FY25 were 5,460 tonnes against a target of 6,104, giving us a 33.1% reduction since our FY19 baseline year
The LTI rate is an industry wide metric for indicating the number of incidents resulting in time away from work. Tracking the LTIR helps measure workplace safety trends and reveals where safety standards and risk management may need improvement
The LTI rate for FY25 is 1.33, an increase from FY24. Our target continues to be below 1.0. There have been an increase of incidents following an update to incident reporting criteria, with a new protocol established with more stringent criteria and expectations
We are committed to improving engagement with our employees. Workforce engagement is the level of commitment and enthusiasm that employees feel towards their work and the Company and it is a key indicator of a healthy workplace
The survey saw a significant rise in participation to 89% (FY24: 61%) and a positive upward trend, with 18 of 21 question scores improving. The greatest gain was in 'How well does your organisation keep you informed?', reflecting continued efforts to enhance communication. Notably, inspiration and trust also improved
1. Our KPIs include a number of Alternative Performance Measures (APMs) to provide further information on the Group's financial performance and position. Where we refer to 'underlying', this is defined as being before separately disclosed items (see note 2). For further details on the APMs, see note 32
Strategic report
14 Trifast plc Annual Report 2025 Governance
Section 172 statement
Financial statements
Additional information
We are committed to building and maintaining strong relationships with all our stakeholders, recognising that these connections are essential to delivering long-term, sustainable success and fulfilling our purpose
In accordance with Section 172 of the Companies Act 2006, the Directors of Trifast plc are committed to acting in a manner
that promotes the long-term success of the Company for the benefit of its shareholders, while having regard to the interests of a broad range of stakeholders. This includes employees, shareholders, customers, suppliers and the wider community, as well as the impact of the Company's operations on the environment and its reputation for high standards of business conduct.
Throughout the financial year ended 31 March 2025, the Board has
carefully considered these factors in its decision-making processes. This statement outlines how the Directors have discharged their duties under Section 172(1), providing examples of key decisions made during
the year and how stakeholder interests and other relevant matters were taken into account.
We define principal decisions as those that are not only material to the Group's operations and performance but also significant to one or more of our key stakeholder groups.
When making these decisions, the Board carefully considers the long-term success of the Group, guided by insights gained through stakeholder engagement.
The Board also takes into account the importance of maintaining high standards of business conduct, strong corporate governance and acting fairly between
all shareholders.
The Directors recognise that not every decision will benefit all stakeholders equally. However, by aligning decisions with the Group's purpose, values and strategic priorities, the Board aims to ensure that its actions are consistent, well-reasoned and support the Group's sustainable growth over time.
No material issues or controversies were reported with any stakeholder group during the year.
Read more about
Our strategy and strategic progress on pages 8 to 12
Stakeholder engagement on pages 15 to 17
Our Future Leaders Programme on page 24
Improving our safety on pages 27 to 29
TR Singapore investment in cleaner technology on page 29
Decarbonising our steel supply chain on page 35
TR Italy solar panels on page 62
Strategic report
15 Trifast plc Annual Report 2025 Governance
Stakeholder engagement
Our people Shareholders
Financial statements
Additional information
Our success depends on a skilled and motivated workforce. We are committed to a safe, inclusive environment that supports physical and mental wellbeing.
A positive culture and strong engagement enable our people to contribute meaningfully to the business.
We continue to focus on improving communication across the Group, through monthly interactive calls with the Senior Leadership Team and CEO video updates on strategy and performance, which is accessible to all employees.
In accordance with Provision 5 of the 2018 UK Corporate Governance Code, Laura Whyte was appointed as the designated Non-Executive Director for employee engagement in April 2024. Laura has continued in this role for the financial
year under review, leading engagement sessions across the Group, supported by her non-executive colleagues.
We are also launching local engagement forums to give employees a direct voice with the Board.
During the year, the Board collectively and independently visited a number of the Group's operations and spent time with employees. Engaging with
colleagues, both formally and informally, is a priority for the Board to ensure
that we are aware of the views of the workforce and can address any concerns they may have.
The annual employee engagement survey saw a rise in participation to 89% and a positive upward trend in overall engagement and satisfaction scores.
The CEO, Iain Percival, records a monthly communication video, available to all employees, to update them on various aspects of the business. In addition, we launched the 'ask Iain' email to facilitate a direct communication to the CEO.
Read more about our
Future Leadership Programme on page 24
Read more about our people on pages 24 to 29
The Board is committed to strong shareholder relationships, providing clear, balanced updates to ensure understanding of our purpose, values, strategy and long-term goals.
We run a structured year-round programme giving all shareholders access to management through the AGM, presentations and roadshows, which
are also available via the Investor Meet Company platform.
Non-Executive Directors are available to meet shareholders as needed. We also share updates through regulatory news, our website, the Annual Report and investor ESG questionnaires.
We shared website updates during FY25, including trading updates, the CFO appointment and PDMR activity to ensure all stakeholders,
including shareholders, are fully aware of the activities of the Group.
Laura Whyte, as Chair of the Remuneration Committee, conducted a thorough engagement with key
shareholders regarding the Remuneration Policy, which included a written correspondence, meetings and calls.
Annual results were announced on 29 July 2024 and interim results were
announced on 19 November 2024, both were presented in person and via the IMC platform.
The AGM was held on 10 September 2024 at our NDC, West Midlands, where we offered in-person and online participation. The AGM remains a key shareholder engagement forum.
Shareholder and investor visits were also organised at our UK National Distribution Centre, which were well attended
and offered attendees an insight into strategy execution.
Find details of our AGM on page 171
Strategic report
16 Trifast plc Annual Report 2025 Governance
Stakeholder engagement continued
Customers Suppliers
Financial statements
Additional information
Strong, trusting relationships create mutual value, helping us understand customer needs to deliver value, drive growth and support our commitment to meeting sustainability expectations.
We build long-term customer partnerships through technical support and innovative solutions aligned with emerging technologies and regulations. Our online platforms, including digital marketing and our website, complement this effort with virtual training and product videos, along with workshops to help customers select the right fasteners. We also gather ESG feedback via SAQ.4, JOSCAR, EcoVadis and CDP. We also attend our customers' conferences and technical workshops to ensure that
we continue to develop that strong
understanding of their future needs.
Workshop sessions with key customers generated positive feedback and new opportunities. These included meetings with customers in Asia, Europe and North America as well as emerging markets across the Middle East.
We exhibited our products at:
Fastener Fair Global (Germany)
Electronics Live (UK)
International Fastener Show (Taiwan)
Elmia Subcontractor (Sweden)
NEAA Expo (UK)
CBM Mini Expo (UK)
We are delighted to have received two awards from Honda, the 'Best Delivery Award' and 'The Power of Dreams' award, in appreciation of the excellent supply partner relationship that has developed over the years.
We also received a long-standing supplier award in recognition for continued great service over two decades from our customer Lucy Electric.
SFE Taiwan won an Excellence of Delivery award from Bulten. This is a great achievement and reflective of the excellent customer service delivered by the team.
Details of our Honda award are available on our website at https://www.trifast.com
As evolving legislation and climate risks impact supply chains, we value strong supplier relationships, goodwill, high standards and engagement in
technology, innovation and compliance.
Our Supplier Code of Conduct sets expectations on quality, sustainability and compliance, with all approved suppliers required to meet our standards. We hold regular meetings, reviews and audits
to ensure adherence and encourage reporting of non-compliance.
We attended the Fastener Fair in Stuttgart, Germany, where we also held a total of 52 supplier meetings.
During a visit to Taiwan, 26 meetings were held on site with our suppliers with a fixed agenda, to reiterate the importance of ESG, CBAM, quality and ongoing competitiveness in the market place.
The US Procurement and Sourcing team attended the Las Vegas Fastener Fair conducting numerous meetings and visits to strengthen our supplier relationship and pave the way to increased onshoring in 2025/2026.
We remained committed to compliance:
Quality & Sustainability Agreement signed by 282 suppliers (62.0% of spend)
Slavery & Human Trafficking Statement completed by 625 suppliers (82.8% of spend)
We continued to work with our supply chain to ensure compliance with the EU CBAM (Carbon Border Adjustment Mechanism).
Our Slavery & Human Trafficking Statement is available on our website at https://www.trifast.com
Strategic report
17 Trifast plc Annual Report 2025 Governance
Stakeholder engagement continued
Financial statements
Additional information
Community Regulators, governments and NGOs
We recognise our impact on local communities and are committed to responsible engagement, supporting initiatives and creating positive benefits in the regions where we operate.
We support our employees' global charitable activities and maintain strong relationships with neighbours through site visits to manage environmental impacts. Feedback and complaints are handled through our ISO 14001 system, and we work with small suppliers to enhance local economies and skills in compliance, efficiency and quality.
A new corporate volunteering day was launched during FY25 for employees to give back to their local communities.
TR UK employees worked with Walsall Council to tackle local pollution by collecting litter and cleaning up a local public space
TR Charlotte, North America, supported Samaritan's Purse. Employees filled shoe boxes with toys, stationery and other essentials to gift to children in need at Thanksgiving and Christmas
TR Hungary responded to the flood threat along the River Danube by supporting vital flood defence efforts to help safeguard nearby communities from the rising floodwaters
TR Thailand supported a local environmental initiative where they spent the day planting mangrove trees
Read more about our community events on our website at https://www.trifast.com
Policy and regulatory changes, including global politics and trade laws, bring both opportunities and risks. Locally,
we engage on environmental, safety and ethical standards.
We engage with government bodies via public disclosures (e.g., Annual Report, AGM) and submissions on packaging and controlled materials. Trifast is active in EFDA and TR UK supports over 100 fastener distributors through BIAFD. Our global teams also engage with regional associations.
We continued submitting required compliance declarations, including RNS announcements, packaging, emissions and controlled materials (SCIP, RoHS, REACH) disclosures.
We engage with EFDA to streamline the EU CBAM reporting and lobby for simplification. We are also working with BIAFD on the UK CBAM, set to begin in January 2027.
Trifast is an active member of EFDA (European Fastener Distributor Association) and TR UK is involved with the British & Irish Association of Fastener Distributors (BIAFD), supporting over 100 fastener distributors across the
UK and Ireland.
Our global subsidiaries also engage with their regional associations.
TR Thailand received their ISO 9001 certification, TR Italy successfully obtained ISO 45001 certification for their health and safety management system and our technology group has been certified against ISO 27001, an internationally recognised standard for information security management systems.
Trifast has also been working with the Saudi Arabian Ministry of Investment about new opportunities in the region.
Read more about CBAM on page 34
Read more about our governance and policies on pages 36 and 37
Strategic report
18 Trifast plc Annual Report 2025 Governance
Financial review
Financial statements
Additional information
Delivering financial resilience
Chief Financial Officer
As we move into the 'Rebuild' phase, we are focused on enhancing operational efficiency and productivity, with initial benefits already being realised
£m
CER2
CER2
AER2
AER2
AER2
Underlying measures
FY25
change
FY25
Change
FY24
Revenue
£227.4m
(2.7)%
£223.4m
(4.4)%
£233.7m
Gross profit %
28.4%
300bps
28.3%
299bps
25.4%
Underlying operating profit/EBIT1
£15.6m
30.3%
£14.9m
24.5%
£11.9m
Underlying operating profit/EBIT %1
6.8%
173bps
6.7%
155bps
5.1%
EBIT/operating profit
£10.0m
117.0%
£9.4m
103.6%
£4.6m
EBIT/operating profit %
4.4%
244bps
4.2%
224bps
2.0%
Underlying profit before tax1
£11.0m
69.3%
£10.4m
59.1%
£6.5m
Underlying diluted earnings per share1
-
-
4.31p
166.0%
1.62p
Adjusted leverage ratio1,3
-
-
0.97x
0.33x
1.30x
Adjusted net debt1,3
-
-
£(17.4)m
(17.1)%
£(21.0)m
Return on capital employed (ROCE)1
-
-
8.1%
240bps
5.7%
GAAP measures
-
-
Profit/(loss) before tax
-
-
£4.9m
724.6%
£(0.8)m
Diluted earnings/(loss) per share
-
-
0.77p
123.4%
(3.29)p
Before separately disclosed items (see note 2 and 32)
CER is constant exchange rate, calculated by translating the FY25 figures by the average FY24 exchange rate, and AER is actual exchange rate
During FY25 we successfully completed the 'Recover' phase, showing positive results and strong cash generation. As we move into the 'Rebuild' phase, we are
focused on enhancing operational efficiency and productivity, with initial benefits
already being realised. Looking ahead, the 'Resilience' phase aims to build long-term sustainability and resilience in our business. We remain confident in delivering our mid-term margin and returns ambitions, and we are committed to innovation and responsible investment to reduce our environmental impact.
Unless stated otherwise, current year comparisons with prior year are calculated at constant exchange rates (CER) and where we refer to 'underlying,' this is defined as being before separately disclosed items.
CER calculations have been calculated by translating the FY25 figures by the average FY24 exchange rate.
Adjusted leverage ratio is calculated using adjusted net debt against adjusted underlying EBITDA. Adjusted metrics exclude the impact of IFRS 16 Leases (see note 32)
For FY25, the British Pound continued to strengthen against the Singapore Dollar, Taiwanese Dollar, Swedish Krona, Chinese Renminbi, Malaysian Ringgit and US Dollar. This resulted in
a reduction of the value of AER revenue by £4.0m and AER underlying profit before tax by
£0.7m on translation into British Pounds.
Disclaimer
Trifast plc published this content on July 10, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 10, 2025 at 06:14 UTC.