Trifast: Still Powering Ahead
Edison | Nov 09, 2016 11:38PM ET
A fine set of interim figures had been indicated in Trifast's (LON:TRFT) pre-close trading update. However, the 20% rise in underlying PBT has prompted a further rise in our estimates. Consistent investment across all key aspects of the group points positively to the future, despite growing global uncertainties. The recent rise in the share price seems fully justified.
On course for another good year
A strong set of interim figures show underlying PBT for the six months to September 2016 up by 20% (AER) from £8.3m to £9.9m, comfortably above our £9.0m estimate. The improvement comprised a combination of organic growth, acquisition contributions and the favourable net impact of exchange movements. The second half may see increasing pressure on UK margins if sterling remains weak, but the underlying level of business remains sound. Reflecting the solid H1 group performance, we are raising our FY17 and FY18 underlying PBT estimates by 4% and/5% respectively, to £18.1m and £18.7m.
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