RNS Number:6425M
Trifast PLC
24 November 2006



                                                                24 November 2006



                                  TRIFAST PLC

           Interim results for the six months ended 30 September 2006

"Solid revenue and profit growth driven by strengthened international presence"


Financial and Operational Highlights:


    Revenues increased by 33% to 67.8m (2005: 50.9m)
    Operating profit grew by 72% to 3.8m (2005: 2.2m)
    Fully diluted earnings per share increased by 59% to 2.95p (2005: 1.85p)
    Interim dividend increased by 5% to 0.77p (2005: 0.73p)
    Successful integration of Serco-Ryan, planned 2m cost savings achieved
    Agreement to purchase 25% stake in leading Malaysian manufacturer
     Techfast for circa 2.8m
    55% of operating profits now being generated outside of the UK
    International growth strategy in place and delivering


Commenting on the interim results, Anthony Allen, Chairman, said:

"The business performed strongly in the first half and delivered solid earnings
and profit growth across the Group. Trifast is now truly international with over
half of its profits being generated outside the UK and a growing presence in the
fast growing Asian markets, as illustrated by the recent acquisition of 25% of
Techfast, the leading Malaysian manufacturer of self-clinch fasteners. With its
global reach, strong brand and innovative products the Group is ideally
positioned to take advantage of further growth opportunities in the global
industrial fastener market."

Enquiries:

Trifast Group plc                         Tel: 020 7360 4900 on 24 November 
                                          only, thereafter Tel: 01825 747 366
Jim Barker, Chief Executive Officer
Stuart Lawson, Group Finance Director

Smithfield Consultants                    Tel: 020 7360 4900 / 07973 387 473
Noemie de Andia

Arden Partners                            Tel: 020 7398 1632
Richard Day / Steve Pearce



                                  Trifast plc

           Interim results for the six months ended 30 September 2006

                                          Six months    Six months        Year
                                               ended         ended       ended
                                        30 September  30 September    31 March
                                                2006          2005        2006

Revenue                                      67.81m       50.94m    117.28m
Gross profit                                 17.45m       12.87m     29.13m
Operating profit                              4.66m        2.48m      6.38m
(pre-goodwill, intangible
amortisation, IFRS 2 charges and
restructuring costs)

Operating profit                              3.81m        2.22m      3.24m
Pre-tax profit                                4.22m        2.28m      5.69m
(pre-goodwill, intangible
amortisation, IFRS 2 charges and
restructuring costs)
Pre-tax Profit                                3.38m        2.02m      2.55m
Earnings per share
- Basic                                        2.95p         1.86p       1.86p
- Diluted                                      2.95p         1.85p       1.85p
Dividend                                       0.77p         0.73p       2.21p





Notes to Editors

Trifast plc is an international manufacturer and distributor of industrial
fastenings to the assembly industries, with operations in Europe, the Americas
and Asia. The Company's products include micro screws, customer specific items
and high tolerance fastenings.

Established in the South of England in 1973, the Company has grown by
acquisitions over the years and floated on the London Stock Exchange in 1994.

The acquisition of Serco Ryan, the third largest UK competitor, in 2005 has
transformed the Company into a major player in the industrial fastener market
with ambitions to become Europe's leading brand.

Trifast has a market capitalisation of 55m.

For more information please visit www.trifast.com


CHAIRMAN AND CHIEF EXECUTIVE'S REVIEW


The business performed strongly in the first half of the year delivering a 33%
increase in revenues and a 72% operating profit improvement over the same period
last year. This solid growth demonstrates the benefits of the Group's increased
international presence with over half of its profits now generated outside the
UK. The Global industrial fasteners industry is experiencing solid growth and
the management team continues to focus on expanding the Group's market share in
both Europe and Asia through an aggressive sales and marketing strategy.


Operational Review

These solid results were achieved despite recent shortages in raw materials, the
subsequent price escalation and consolidation in the market, which forced many
of our competitors to cut costs and decrease their focus on innovation and
product support. We grew our revenues and profit margins, which is testimony to
our strong reputation for excellent service, technical support and innovative
products. We have reviewed our product pricing and increased our focus on
premium-priced products during the period. In addition our diverse customer
base, by market sector and geography, enabled us to mitigate the risks of sector
and regional downturns. Further, our Asian manufacturing base provides us with
the ability to offer all important security of supply to our customers.

Operationally we have reduced our stockturn by combining the benefits of both
Serco-Ryan's and Trifast's procurement processes and supply chain management
systems.

During the last twelve months we have completed a detailed analysis of the
market-place for industrial fasteners to identify our customers' future needs in
terms of global manufacturing capability and innovative products and services.
In line with our sales and marketing strategy to capture the opportunities
identified, we have put in place a four year growth plan.

Our geographic expansion strategy is progressing well with over half of the
Group's profits now generated outside the UK. This diversification has been
achieved during a period when we have successfully integrated Serco-Ryan into
the Group and the resulting increase of our UK revenues. We expect this trend of
internationalisation of the Group's profits to continue.

This will be achieved through a continued focus on our unique competitive
advantages which are summarised below:

   Research and Development Capability, as illustrated by our innovative
    Hexiform screw designed and developed by our world class facility in
    Singapore especially for the Manganese Casting industry;

   First Class Design Expertise: we continue to work with global original
    equipment manufacturers (OEMs) to design innovative products to meet their
    specifications;

   Low Cost Manufacturing: our high quality low cost manufacturing
    facilities in Suzhou (Jiangsu province) is an example of our ability to cut
    manufacturing costs;


   Sophisticated Inventory Systems: Trifast's Inventory System is a dynamic
    logistical system for managing customer's product inventory;


   Branded Global Operations: Trifast operates in 37 locations in 16
    countries under the distinctive brand TR.

In addition the global demand for fasteners is projected to grow by 4.8%
annually to approximately 29 billion in 2010 (source: Freedonia, industrial
data specialists). This represents a significant growth opportunity for Trifast
and we aim to build our global market share from 0.6% to 1% within five years.
To achieve this the following objectives have been set and actions implemented
for the following regions:

Europe

The European market is worth 7.2 billion (source: Freedonia, industrial data
specialists) today and we plan to grow our market share from 1.8% to 3% over the
next four years. We have streamlined our European operations to pursue a
strategy of organic and acquisitive growth. In addition, we have re-organised
our European sales force and put in place a clear recognition and reward system
to drive sales growth further.

We have successfully integrated Serco-Ryan and Keba Fastenings (Turkey), both
acquired last year, and achieved 2 million of cost savings as forecasted. We
are now in the process of re-organising our supply chain management to support
future growth. We appointed a new Head of Purchasing to focus on maximising the
purchasing benefits of the enlarged Group and to underpin our current and future
sales drives. He has already started to rationalise our supply chain and reduce
our overall stock holding and we are pleased with the early progress made in
these areas.

Asia

Asia is one of the fastest growing industrial fasteners markets in the world and
we aim to maintain our strong growth rate, currently in excess of 20% per annum,
in the region. As announced in October, we have agreed the purchase, for circa
2.8m, of 25% of Techfast, the leading Malaysian manufacturer of Self Clinch
fasteners, and whose manufacturing capability complements our own. Already
Techfast has helped us secure new business within the lucrative LCD flat screen
industry in Turkey through TR Keba which is located in the region.

North America

We have made good progress in turning around our North American operations,
which have now moved into profitability during the period. Our aim is to
establish our North American business as a provider of specialist products to
the American distribution industry and we have successfully continued to expand
our network of self-clinch distributors while expanding the activities of our
satellite team in HP (Houston).

Financial Review

The results for both periods under review have been prepared using the
presentation, recognition and measurement requirements of International
Financial Reporting Standards (IFRS).

Group revenues increased by 33% to 67.81 million (2005: 50.94 million) in the
six months ended 30 September 2006. Of this increase 6% has come from organic
growth with the remaining 27% attributable to the acquisition of Serco-Ryan in
October 2005. Whereas organic growth is 6%, allowing for the strategic reduction
of one key account, the underlying organic growth level is 12%. Our gross margin
improved by 0.4% points against the comparable period last year and by 0.9%
points on the overall gross margin for the year ended 31st March 2006. This
margin gain reflects our continued focus on reducing all costs as well as
improving our business mix and maintaining pressure on low margin accounts.

European/USA revenues, which now represent 80.8% of the Group's revenue,
increased by 35% over the period to 54.77 million (2005: 40.59 million). 29%
of this increase comes from the acquisition of Serco-Ryan and 6% from organic
growth (or 11% organic growth if adjusted as explained above). Organic growth
was particularly strong in Norway, Holland, Poland and the USA, with all these
countries having experienced double digit growth. This contributed to an 83.3%
increase in the operating profit for the regions.

Our Asian revenues were up 26.0% at 13.04 million (2005: 10.35 million), a
good result reflecting sustained growth of our operations in China which
continue to benefit from the movement of global customers from relatively higher
cost economies to lower cost areas. This increased revenue also resulted in a
38.8% increase in operating profits confirming that we are now maintaining gross
margins in this region and keeping overheads under tight control. Finally our
new Chinese factory in Suzhou is now commercially operational. Asia remains a
strategic region for the Group and we expect to invest a further US$0.5 million
over the next 12 months.

Gross profit for the six month period was 17.45 million compared to 12.87
million in 2005, an increase of 35.6% reflecting both the acquisition of
Serco-Ryan and the increase in our gross margin percentage as explained above.

Our increased focus on cost reductions is now delivering. Administration
expenses (before amortisation, restructuring costs and IFRS 2 charge) as a
percentage of revenue continued to fall over the period and now represent 17.0%.
We have achieved our target of reducing the combined overheads of our UK
business and Serco-Ryan by the forecasted 2.00 million annualised savings, and
expect some further reductions to be realised over the next few months.
Restructuring costs for the period amounted to 0.63 million representing costs
of redundancy and onerous leases. The IFRS 2 charge in the period under review
was 0.08 million (2005: 0.08 million).

Operating profit before financing costs was 3.81 million, up 71.6% from last
year's 2.22 million, an increase reflecting greater revenue, higher gross
margins and lower operating costs as a percentage of revenues, all excellent
trends which we expect to continue in the second half of the year.

We continue to generate cash from the majority of our trading activities and the
Group's gross debt has been reduced by a further 1.91 million to 17.05 million
with net debt at 9.62 million at the period end, representing a gearing level
of 24.2%. Cash generated from operations in the period amounted to 4.80 million
before restructuring costs of 0.75 million. This has been helped by a tight
management of stock levels across the Group. Stock has increased from September
2005 by 2.08 million to 24.84 million as a result of the acquisition of
Serco-Ryan which brought with it 4.12 million of stock. However underlying
stock movement for the period is a significant reduction of 2.04 million which
reflects our sustained effort to improve stock management across the combined
business.

Cash flow for the second six months of the financial year is forecast to remain
strong. Accordingly in October 2006 we made the final 2.00 million payment for
Serco-Ryan in cash rather than issuing shares, effectively enhancing earnings
per share and we will also fund the acquisition of the 25% shares in Techfast
for 2.80 million with cash. These payments will be made from existing cashflow
and additional debt of 3.80 million.

Debtor management remains a core priority and we are pleased to report that we
have had no significant bad debts in the period and our debtor days remain
strong at 67. Creditor days were at 70.

Capital expenditure was low at 0.27 million (2005: 0.38 million) with
depreciation at 0.60 million (2005: 0.60 million). We expect these figures to
increase during the second half of the year as we add further capability to our
Chinese manufacturing facility.

Net financing costs increased to 0.43 million of which interest payable
amounted to 0.50 million (2005: 0.25 million), reflecting the cost of taking
on 11.20 million of additional debt to part fund the acquisitions of Serco-Ryan
and TR Keba.

Profit before income tax in the period was 3.38 million (2005: 2.02 million),
reflecting the positive sales growth in all regions, gross margin increases and
the on-going containment of overheads as a percentage of sales. With an
effective tax rate of 26.3% (2005: 33.5%) profit after tax was 2.49 million
(2005: 1.34 million).

Basic earnings per share in the period amounted to 2.95 pence against 1.86 pence
for the 2005 equivalent period last year. Adjusting for restructuring costs, the
adjusted diluted earnings per share was 3.47 pence (2005: 2.03 pence).

Interim Dividend

The Directors have declared an increased interim dividend of 0.77 pence per
ordinary share (2005: 0.73 pence) reflecting the Board's confidence in the
future of the enlarged Group. The interim dividend will be paid on 17 January
2007 to shareholders on the Register on 8 December 2006; with an ex-dividend
date of 6 December 2006.

Current Trading and Prospects

The Group has made a good start to the second half with revenues and profits to
date ahead of last year. Trifast has a strong brand, innovative products, global
reach and a clear growth strategy in place and, is well positioned to grow and
to capture further market share in the expanding global industrial fastening
market. We believe that the Group is well positioned for further profitable
growth and we are confident of a positive outcome for the year.

Anthony Allen
Chairman

Jim Barker
Chief Executive Officer




                Condensed consolidated interim income statement
          Unaudited results for the six months ended 30 September 2006

                       Notes        Six months        Six months          Year 
                                         ended             ended         ended
                                  30 September      30 September      31 March
                                          2006              2005          2006
                                          000              000          000

Revenue                                 67,807            50,939       117,282
Cost of Sales                          (50,356)          (38,068)      (88,150)
                         -----      ------------      ------------    ----------
Gross Profit                            17,451            12,871        29,132

Other Operating
Income                                      86               109           238
Distribution
Expenses                                (1,372)           (1,736)       (3,774)
----------------------   -----      ------------      ------------    ----------
Administrative
Expenses before                        (11,508)           (8,765)      (19,218)
the following items:
Goodwill Impairment                          -                 -          (786)
- Intangible
Amortisation                              (131)                -          (121)
- Restructuring
Costs                                     (634)             (180)       (2,108)
- IFRS 2 Charge                            (83)              (79)         (121)
----------------------   -----      ------------      ------------    ----------
Total
Administration
Expenses                               (12,356)           (9,024)      (22,354)
                         -----      ------------      ------------    ----------
Operating Profit
before Financing
Costs                                    3,809             2,220         3,242
                         -----      ------------      ------------    ----------

Financial Income                            69                47            54
Financial Expenses                        (502)             (251)         (743)
                         -----      ------------      ------------    ----------
Net Financing costs                       (433)             (204)         (689)

Profit before
Income Tax                               3,376             2,016         2,553

Income Tax                 3              (887)             (676)       (1,115)
                         -----      ------------      ------------    ----------
Profit for the
Period                                   2,489             1,340         1,438
                         =====      ============      ============    ==========

Earnings per Share
- Basic                    5              2.95p             1.86p         1.86p
- Diluted                  5              2.95p             1.85p         1.85p
Dividends                  4              0.77p             0.73p         2.21p



   Condensed consolidated interim statement of recognised income and expense
          Unaudited results for the six months ended 30 September 2006

                         Six months ended    Six months ended      Year ended
                        30 September 2006   30 September 2005   31 March 2006
                                     000                000            000

Foreign exchange
translation
differences
(loss)/gain                        (1,378)                677           1,470
Net gain on hedge of
net investment in
foreign subsidiary                     12                  20               4
                                -----------         -----------       ---------
(Expense) and Income
Recognised Directly in
Equity                             (1,366)                697           1,474
                                -----------         -----------       ---------

Profit for the Period               2,489               1,340           1,438
                                -----------         -----------       ---------
Total Recognised
Income and Expense for
the Period                          1,123               2,037           2,912
                                ===========         ===========       =========


                  Condensed consolidated interim balance sheet
                   Unaudited results as at 30 September 2006

                       Notes      30 September      30 September      31 March
                                          2006              2005          2006
                                          000              000          000
Non-current assets
Property,
plant and
equipment                                8,586             8,390         9,208
Intangible
assets                                  24,046            11,413        24,591
Deferred tax
assets                                     573               482           573
                         -----      ------------      ------------     ---------
Total
non-current
assets                                  33,205            20,285        34,372
                         -----      ------------      ------------     ---------

Current assets
Stocks                                  24,837            22,756        25,123
Trade and
other
receivables                             29,678            22,581        30,070
Cash and cash
equivalents                              7,421             1,894         6,524
                         -----      ------------      ------------     ---------
Total current
assets                                  61,936            47,231        61,717
                         -----      ------------      ------------     ---------

Total assets                            95,141            67,516        96,089
                         -----      ------------      ------------     ---------

Current liabilities
Bank and other
loans                                    2,893             1,899         3,280
Trade and
other payables                          24,158            17,250        24,404
Tax payable                                835               801           365
Dividends
payable                                  1,248             1,014             -
Deferred
consideration                            2,562                 -         2,562
Provisions                                 166                 -           242
                         -----      ------------      ------------     ---------
Total current
liabilities                             31,862            20,964        30,853
                         -----      ------------      ------------     ---------

Non-current
liabilities
Bank and other
loans                                   14,152             6,907        15,950
Provisions for
liabilities
and charges                              1,170               181         1,215
Deferred tax
liabilities                                753               419           826
                         -----      ------------      ------------     ---------
Total
non-current
liabilities                             16,075             7,507        17,991
                         -----      ------------      ------------     ---------
Total
liabilities                             47,937            28,471        48,844
                         -----      ------------      ------------     ---------
Net assets                              47,204            39,045        47,245
                         -----      ------------      ------------     ---------

Equity
Share capital                            4,219             3,595         4,219
Share premium                           11,874             4,598        11,873
Reserves                                  (495)               94           871
Retained
earnings                   6            31,606            30,758        30,282
                         -----      ------------      ------------     ---------
Total equity               7            47,204            39,045        47,245
                         -----      ------------      ------------     ---------



             Condensed consolidated interim statement of cash flows
          Unaudited results for the six months ended 30 September 2006

                                     Six months       Six months          Year 
                                          ended            ended         ended
                                   30 September     30 September      31 March
                                           2006             2005          2006
                                           000             000          000
Cash Flows from Operating
Activities
Profit for the Period                     2,489            1,340         1,438
                                     ------------      -----------    ----------
Adjustments for:                            746              597         2,124
Depreciation,
amortisation &
impairment                                  (69)             (47)          (54)
Financial income                            502              251           743
Financial expense                             3                6           (24)
Loss/(profit) on sale
of property, plant &
equipment                                     -              (32)            -
Profit on sale of
investments                                  83               79           121
Equity settled share
based payment expense                       887              676         1,115
Taxation
                                     ------------      -----------    ----------
Operating profit
before changes in
working                                   4,641            2,870         5,463
capital and provisions
Increase/(decrease) in
trade payables                              326           (1,569)          (50)
(Increase)/decrease in
stocks                                     (272)            (905)        1,073
Increase in trade
receivables                                (562)             (26)         (691)
(Decrease)/increase in
provisions                                 (121)               -         1,243
                                     ------------      -----------    ----------
Cash generated from
operations                                4,012              370         7,038
Tax paid                                   (446)            (867)       (1,738)
                                     ------------      -----------    ----------
Net Cash from
Operating Activities                      3,566             (497)        5,300
                                     ------------      -----------    ----------
Cash Flows from Investing
Activities
(Acquisition)/disposal
of subsidiaries                             (18)             137       (16,575)
and investments net of cash
Acquisition of
property, plant &
equipment                                  (269)            (377)       (1,150)
Proceeds from sale of
property, plant &
equipment                                     -                1            17
Interest received                            71               46            52
                                     ------------      -----------    ----------
Net cash from
investing activities                       (216)            (193)      (17,656)
                                     ------------      -----------    ----------
Cash Flows from Financing
Activities
Proceeds from issue of
share capital                                 -                -         8,274
Expenses for issue of
share capital                                 -                -          (375)
Proceeds from new loan                        -                -        11,200
Repayment of long term
borrowings                               (1,416)            (900)       (2,103)
Dividends paid                                -                -        (1,630)
Interest paid                              (474)            (245)         (618)
                                     ------------      -----------    ----------
Net Cash from
Financing Activities                     (1,890)          (1,145)       14,748
                                     ------------      -----------    ----------
Net
increase/(decrease) in
Cash                                      1,460           (1,835)        2,392
and Cash Equivalents
Cash and Cash
Equivalents at start
of period                                 6,252            3,622         3,622
Effect of exchange
rate fluctuations on
cash held                                  (291)             107           238
                                     ------------      -----------    ----------
Cash and Cash
Equivalents at end of
period                                    7,421            1,894         6,252
                                     ------------      -----------    ----------



        Notes to the condensed consolidated interim financial statements
          Unaudited results for the six months ended 30 September 2006

1. Basis of preparation
This interim statement has been prepared on the basis of accounting policies set
out in the full Annual Report and Accounts for the year ended 31 March 2006.
This statement does not comprise full financial statements within the meaning of
Section 240 of the Companies Act 1985. The statement is unaudited but has been
reviewed by KPMG Audit Plc and their report is set out below.
The comparative figures for the financial year ended 31 March 2006 have been
extracted from the full Annual Report and Accounts for that financial year.
Those accounts have been reported on by the company's auditors and delivered to
the registrar of companies. The report of the auditors was (i) unqualified, (ii)
did not include a reference to any matters to which the auditors drew attention
by way of emphasis without qualifying their report, and (iii) did not contain a
statement under section 237(2) or (3) of the Companies Act 1985.

2. Segment reporting
Segment information is presented in the condensed consolidation interim
financial statements in respect of the Group's geographical segments, which are
the primary basis of segment reporting. The geographical segment reporting
format reflects the Group's management and internal reporting structure.
Inter-segment pricing is determined on an arm's length basis.
Segment results include items directly attributable to a segment as well as
those that can be allocated on a reasonable basis.

Business segments
The Group is comprised of the following main geographical segments:
Europe includes UK, Norway, Sweden, France, Hungary, Southern Ireland,
Holland and Turkey
Asia: includes Malaysia, China, Singapore and Taiwan
America: includes Los Angeles, Phoenix and Mexico

Segment revenue and result under primary reporting format are disclosed in the
table below:

                      Europe             Asia            America           Central            Group
                   2006     2005     2006     2005    2006    2005      2006     2005     2006     2005
                   000     000     000     000    000    000      000     000     000     000
Revenue
Revenue from
external
customers        55,618   41,551   15,118   12,778   1,840   1,438         -        -   72,576   55,767
Inter segment
revenue          (2,670)  (2,374)  (2,080)  (2,433)    (19)    (21)        -        -   (4,769)  (4,828)
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
Total revenue    52,948   39,177   13,038   10,345   1,821   1,417         -        -   67,807   50,939
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------

Segment
results before
items             2,911    1,508    2,756    1,986       9    (107)   (1,019)    (908)   4,657    2,479
listed below
Intangible
amortisation       (131)       -        -        -       -       -         -        -     (131)       0
Restructuring
costs              (584)    (180)       -        -       -       -       (50)       -     (634)    (180)
Equity settled
share based         (22)     (30)       -        -       -       -       (61)     (49)     (83)     (79)
payments
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
Operating
profit/(loss)     2,174    1,298    2,756    1,986       9    (107)   (1,130)    (957)   3,809    2,220
before financing
cost
Net financing
costs                                                                                     (433)    (204)
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
Profit on
ordinary                                                                                 3.376    2,016
activities
before
taxation
Taxation                                                                                  (887)    (676)
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
Profit for the
Period                                                                                   2,489    1,340
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------
Segment net
assets/(liabil
ities)           42,264   26,261   15,077   13,220   2,201   2,353   (12,338)  (2,789)  47,204   39,045
----------------   ------   ------   ------   ------  ------  ------    ------   ------   ------   ------

Revenue is derived from the manufacture and logistical supply of industrial
fasteners and Category 'C' components.

3. Taxation
The charge for tax is an estimate based on the anticipated effective rate of tax
for the year ending 31 March 2007, adjusted for prior year items as shown below:

                                               Six months          Six months
                                                    ended               ended
                                        30 September 2006   30 September 2005
                                                     000                000

Current tax on income for the period
UK Tax                                                170                  63
Foreign Tax                                           797                 622
Adjustments in respect of prior years                 (80)                 (9)
                                              -------------        ------------
                                                      887                 676
                                              =============        ============

4. Dividends
The dividend payable figure of 1.25 million represents the final dividend
recommended at the March 2006 Year End and approved at the AGM in September
2006.

The Directors have declared an interim dividend of 0.77 pence per ordinary share
to be paid on 17 January 2007 to shareholders on the register on 8 December
2006.

5. Earnings per share
The calculation of earnings per 5p ordinary share is based on profit for the
period after taxation and the weighted average number of shares in the period of
84,380,807 (September 2005: 71,891,969; March 2006: 77,516,115).

The calculation of the fully diluted earnings per 5p ordinary share is based on
profit for the period after taxation. In accordance with IAS 33 the weighted
average number of shares in the period has been adjusted to take account of the
effects of all dilutive potential ordinary shares. The number of shares used in
the calculation amount to 84,441,564 (September 2005: 72,354,246; March 2006:
77,639,682).

The adjusted diluted earnings per share for the six months ended 30 September
2006 is as follows:

                               Six months           Six months       Year ended
                                    ended                ended    31 March 2006
                        30 September 2006    30 September 2005             000
                                     000                 000
Profit for the period               2,489                1,340           1,438
Goodwill impairment                     -                    -             786
Restructuring costs                   634                  180           2,108
Tax effect                           (190)                 (54)           (632)
                              -------------        -------------       ---------
Adjusted Profit                     2,933                1,466           3,700
                              =============        =============       =========

Basic EPS                            2.95p                1.86p           1.86p
Diluted Basic EPS                    2.95p                1.85p           1.85p
Adjusted Diluted EPS                 3.47p                2.03p           4.76p


6. Retained Earnings
                                Six months         Six months            Year 
                                     ended              ended           ended
                              30 September       30 September        31 March            
                                      2006               2005            2006
                                      000               000            000

Opening balance                     30,282             30,353          30,353
Retained profit for                  2,489              1,340           1,438
period
Equity-settled share                    83                 79             121
based
payment transactions
Dividends                           (1,248)            (1,014)         (1,630)
                               -------------      -------------       ---------
Closing Balance                     31,606             30,758          30,282
                               =============      =============       =========



7. Reconciliation of Movements in Total Equity

                                  Six months        Six months           Year 
                                       ended             ended          ended    
                                30 September      30 September       31 March
                                        2006              2005           2006
                                        000              000           000
Profit for the financial               2,489             1,340          1,438
period
Net issue of ordinary shares               1                 -          7,899
Equity settled share based
payment transactions                      83                79            121
Exchange differences                  (1,366)              697          1,474
Dividends                             (1,248)           (1,014)        (1,630)
                                 -------------      ------------     ----------
Net addition to Total Equity             (41)            1,102          9,302
Opening Total Equity                  47,245            37,943         37,943
                                 -------------      ------------     ----------
Closing Total Equity                  47,204            39,045         47,245
                                 =============      ============     ==========


Independent review report by KPMG Audit Plc to Trifast plc

Introduction
We have been instructed by the company to review the financial information for
the six months ended 30 September 2006, which comprises the Consolidated Income
Statement, the Consolidated Balance Sheet, the Consolidated Statement of
Recognised Income and Expense, the Consolidated Cash Flow Statement and the
related notes.  We have read the other information contained in the interim
report and considered whether it contains any apparent misstatements or material
inconsistencies with the financial information.

This report is made solely to the company in accordance with the terms of our
engagement to assist the company in meeting the requirements of the Listing
Rules of the Financial Services Authority.  Our review has been undertaken so
that we might state to the company those matters we are required to state to it
in this report and for no other purpose.  To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the company
for our review work, for this report, or for the conclusions we have reached.

Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the Directors.  The Directors
are responsible for preparing the interim report in accordance with the Listing
Rules which require that the accounting policies and presentation applied to the
interim figures should be consistent with those applied in preparing the
preceding annual financial statements except where any changes, and the reasons
for them, are disclosed.

Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board for use in the UK.  A review consists
principally of making enquiries of Group management and applying analytical
procedures to the financial information and underlying financial data and, based
thereon, assessing whether the accounting policies and presentation have been
consistently applied unless otherwise disclosed.  A review excludes audit
procedures such as tests of controls and verification of assets, liabilities and
transactions.  It is substantially less in scope than an audit performed in
accordance with International Statements on Auditing and therefore provides a
lower level of assurance than an audit.  Accordingly, we do not express an audit
opinion on the financial information.

Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 September 2006.

KPMG Audit Plc
Chartered Accountants
1 Forest Gate
Brighton Road
Crawley
West Sussex RH11 9PT

23 November 2006




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END