Trifast (TRI) H1 2026 earnings summary

Executive summary

• HY26 revenue declined 7.0% to £105.9m amid soft demand, tariff disruption and strategic customer exits.

• Gross margin rose 150 bps to 28.9%; underlying EBIT margin improved to 6.2% from 6.0%, or 7.2% excluding FX versus 6.5% prior year.

• Smart Infrastructure growth and operational efficiencies supported portfolio rebalancing toward higher-growth markets.

• FY26 underlying earnings expectations remain unchanged; medium-term underlying EBIT margin ambition is above 10%.

Financial highlights

• Revenue was £105.9m, down 7.0%; gross profit was £30.7m, down 1.6%, with gross margin up 150 bps to 28.9%.

• Underlying EBIT was £6.6m, down 4.3%; margin improved 20 bps to 6.2%, and to 7.2% excluding FX versus 6.5% prior year.

• Underlying PBT was £4.6m, unchanged; reported PBT rose to £2.5m from £1.6m. Interest costs fell 11%.

• Underlying diluted EPS was 2.38p versus 2.94p; interim dividend was maintained at 0.60p per share.

Outlook and guidance

• FY26 underlying earnings expectations remain unchanged despite revenue pressures and macroeconomic headwinds.

• Medium-term ambition remains underlying EBIT margin above 10%, supported by margin enhancement, working-capital improvement and efficiency initiatives.

• H2 focus includes self-help actions, further pricing and sourcing gains, cost efficiencies and working-capital recovery.