Trifast PLC did not propose an interim dividend for FY2021 (FY2020: interim 1.20p). However, reflective of the strong recovery demonstrated by the Group through the second half of the year, the Board reports that they are proposing, subject to shareholder approval, a final dividend of 1.60p (FY2020: nil).
This represents a dividend cover of 3.9x (FY2020: cover of 7.2x). The final dividend will be paid on 15 October 2021 to shareholders on the register at the close of business on 17 September 2021. The ordinary shares will become ex-dividend on 16 September 2021.
Other financial highlights include:
Resilient performance with revenues of £188.1m down 6% year-on-year
Underlying operating profit margin of 6.4% (FY2020: 7.9%), assisted by effective cost saving actions
Underlying diluted EPS reduce to 6.24p at AER (FY2020: 8.64p)
Very strong cash conversion at 147.9% of Underlying EBITDA reinforces the Group's financial position
Balance sheet further strengthened by £16m equity raise in June 2020, providing capacity to support investments for growth including working capital
Strong pipeline and high activity levels build well-placed confidence for the future
Freight, raw material and lead time pressures impact on margins in the shorter term
-Total budget increased to c.£17.5m (from c.£15.0m) to prioritise speed of roll-out
-Roll-out re-commences into Spain, next site Holland
M&A opportunities increase