Trifast (TRI) Q2 2027 TU earnings summary

H1 trading

• H1 FY27 revenue declined ~4.2% YoY, versus 7.1% in H1 FY26, reflecting a focus on revenue quality over volume.

• UK returned to growth and Europe became more stable; softer Automotive demand in North America and Asia, and Middle East disruption affecting planned Saudi operations, partly offset progress.

• Gross margin held at 28.7%; underlying EBIT margin rose ~80 bps YoY to 7.4%, versus restated 6.6% in H1 FY26, reflecting efficiencies, cost discipline and transformation initiatives.

• Trading in the financial year to date was in line with market expectations; FY27 consensus as at October 2026 was revenue of £214m and adjusted EBIT of £18.2m.

• Balance sheet remained robust with leverage below 1x; working capital improvements continue to fund transformation, with Project Ignite expected to conclude in H2 FY27.

Investment for growth

• ~£4.6m investment planned in H2 FY27/H1 FY28 to develop a Mexico distribution platform, expected to become operational in FY28 and serve Automotive, Smart Infrastructure and Medical markets.

• Chennai distribution centre opens 21 October, expanding capacity and service resilience in South India; Smart Infrastructure demand is driving Indian business growth.

Outlook

• H2 FY27 target is double-digit EBIT margin, ahead of the previously stated timeframe; further margin improvement is expected.

• Focus remains on high-quality revenue growth, margin improvement and cash generation, supported by the strongest-ever commercial pipeline and increasing customer demand for supply chain and engineered solutions.

• Board remains confident in medium-term prospects and progress under the Recover, Rebuild, Resilience strategy.