Annual Report 2011

"Phase 2" Delivered

Phase 1
Completed 2009/10Complete
  • Create three distinct business divisions:
    • Branded products (Global)
    • Transactional & supply chain sales (Global)
    • Manufacturing & “factory to factory” (Asia)
Complete
  • Re-establish global sales team & target > £500k pa (product spend) multinationals
IN PLACE: multiple wins secured after
none for two years		Complete
  • Major trading alliances being developed with same sector players
On-going
  • India, Vietnam and China to receive major sales focus
DONE with on-going support from Singapore		Complete
  • Category ‘C’ items to be sourced through our Chinese office
On-going
  • UK sales structure now directly linked to the two regional business hubs
Operational efficiencies to be yielded going forward

To watch our
Corporate Video visit: www.trifast.com

Phase 2
TargetsStatus during 2010/11
  • Broadening skills of both Management Board and Senior Management
  • Completed
Complete
  • Retaining key skills
  • Introduction of effective performance review system linked to corporate goals and objectives, investment in training and continuous improvement
Implemented on-going initiative
  • Championing transactional sales
  • Launch of TR Direct post year-end (April 2011)
On-going
  • Driving operational efficiencies
  • Total Quality Management (TQM) reviews completed across the whole business and remain ongoing
  • Automotive ‘Centre of Excellence’ established in Holland
  • Warehousing and operations integration completed
  • Investment in Asia to support growth
CompleteCompleteCompleteComplete
  • Move to centralise vendor management, purchasing & sourcing
  • Implemented policy, now a dedicated Director responsible for delivering objectives (see Business Review)
On-going
  • Group marketing and IT initiatives to support TR
  • Global marketing strategy re-launched
    • Continuous development of 'Brand TR' both in traditional and digital marketing platforms through:-
      • Corporate identity programmes
      • Multi-lingual literature
      • Exhibitions
      • Social media
  • IT Initiatives
    • New software applications for refining supply chain management and stock profiling
On-goingOn-going
  • Debt management
  • Key focus remains on cash flow and working capital
  • Year end debt level reflects growth in our business from both new and existing business contract gains and transactional stock. (See Business Review)
On-going
  • Look to re-introduce dividend payments
  • To be addressed in the coming year

Phase 3
Forward Objectives
  • Restoration of Group remuneration policy after three year pay freeze
Effective April 2011
  • Selective turnover growth
    • Leverage Global sales force (China and USA)
    • Further develop key market sectors (automotive and electronics for example)
    • Continue to push on profitable niches
    • Branded Products
    • TR Direct (transactional)
  • Gross margin improvement
    • Correct pricing of contracts
    • Efficient sourcing (purchase & sales)
    • Operational efficiencies
  • Continued control of overheads and working capital
    • Stock
    • Debtors
    • Capex
  • EBITDA target of 8% by 2012/13
  • Group marketing
Continuous development of ‘Brand TR’ both in traditional and digital marketing platforms
to support the global network
  • Investment in people
    • Dedicated staff HR IT system being rolled out
    • Staff Development & Training programmes
    • Development of ‘Succession’ planning for key personnel across the network
    • Add value through online resource and professional and technical support 24/7
Retaining key skills through targeted programmes Succession planning module review
underway by the Board