Title: "Trifast Steadies the Ship Amidst Market Challenges"

LONDON - Trifast plc (LSE:TRI), a global industrial fastenings company, announced today that its performance for the six-month period ending September 30, 2024, met management expectations despite a slight decline in revenue. The company reported a year-on-year revenue decrease of approximately 3.1% due to softened demand across various markets. However, Trifast highlighted an improvement of about 150 basis points in the gross margin.

The company's underlying operational costs were effectively managed throughout the period, reflecting the benefits of ongoing self-help initiatives and the implementation of its strategic plan named Recover, Rebuild and Resilience. Trifast also confirmed progress in realizing approximately £3 million in incremental cost savings from its operational improvement program. This program includes a 10% reduction in non-operational headcount and the successful consolidation of UK facilities at the West Midlands National Distribution Centre.

Trifast reported a significant reduction in pre-IFRS 16 net debt. As of September 30, 2024, this figure stood at approximately £15.8 million, down £12 million from the previous year. The company maintains a strong liquidity position with over £78 million of its £120 million banking facilities remaining unused. Additionally, Trifast's covenant leverage improved, decreasing from about 1.56 times in the first half of the previous financial year to approximately 0.95 times.

Looking ahead, despite the expectation of ongoing global macroeconomic and geopolitical uncertainties that might impact demand in the second half of the financial year, Trifast’s board has not changed its expectations for the year ending March 31, 2025. This outlook is based on the company’s continued focus on margin management and working capital efficiency programs.

Trifast will release its half-year report on November 19, 2024, and provide an update on its strategy during a live presentation where stakeholders will have the opportunity to ask questions. The presentation will feature CEO Iain Percival and CFO Kate Ferguson discussing the company's half-year results and progress.