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Results of AGM/EGM

Trifast starts year strongly, final dividend approved

27 July 2017 13:51

Trifast said it has received shareholder approval for the final dividend for 2016/17 fiscal year, adding that the Company has made a strong start to the new financial year.

The final dividend is 2.50p per share which will be paid on 13 October 2017 to Members on the Register at the close of business on 15 September 2017. The ordinary shares will become ex-dividend on 14 September 2017.

The total dividend for the year is 25% up on the prior year (2016: 2.80p).

Chairman, Malcolm Diamond MBE made the following summary statement at today's Annual General Meeting:

"As a Company, we were delighted once again to report an excellent 2016/17 performance which saw record breaking results and, following approval of the final dividend today, it is gratifying to share this success and reward our shareholders. Over the last six years dividends paid have grown from 0.50p to 3.50p, equating to a compound annual growth rate ('CAGR') of 47.6%.

"Looking ahead and to the current financial year; Trifast entered the year strongly with a robust pipeline in place. The capital and strategic investments already made and being planned in plant, people and logistics will see the Group remain in a good position to achieve further growth and to support our core objective of widening our multinational OEMs portfolio across the Group. With nearly four months trading under our belt, the Board is pleased to report that TR's underlying business continues to perform well and in line with management expectations."

"As we have stated before, geographically Europe, Asia and the USA all remain key focus areas for us, both organically and non-organically. To complement our strong underlying growth plans, further acquisitions remain an important strategic growth pillar for the Group. Our acquisition strategy has been developed to identify key criteria and geographies and we will continue to use this to drive our proactive search for the next successful acquisition."

"As highlighted in our Annual Report, there will always be some macroeconomic factors we cannot fully mitigate, including movements in foreign currency and the ongoing volatility in the raw materials markets. However, given the Group's geographical diversity, our balanced sector mix and our clear strategies for growth, we remain confident about the Group's prospects."

At 1:51pm: (LON:TRI) Trifast PLC share price was +1.13p at 218.13p

Story provided by StockMarketWire.com

Related Company: TRI

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