Morning, ladies and gentlemen, and welcome to the Trifast plc Aannual General Meeting. Throughout today's meeting, attendees will be in listen-only mode. Questions are encouraged and can be submitted just using the Q&A tab situated on the right-hand corner of your screen. I'd now like to hand over to the Company Secretary. Good morning, Christopher Morgan. Good morning, Christopher.
Thank you very much, Mark. Thank you. Good afternoon. I think we've just passed that noon mark. Good afternoon, everyone, and welcome to the 2025 Annual General Meeting of Trifast plc. My name is Christopher Morgan, and I'm the Company Secretary of Trifast, as Mark mentioned. Before we start proceedings, I just want to do a bit of housekeeping in relation to safety and particularly fire drill. For those of you that are in the room at Peel Hunt today, there are a number of us from Peel Hunt, employees from Peel Hunt here, who will guide us, but there's a fire exit through this way or that way, left or right. If you follow the wardens, they will take you out the building. We're not expecting any fire alarm. If there is one, it will be a live situation. Please follow the Peel Hunt team.
Also, if you could switch your phones to mute. For those of you that are online, if you can make sure you are safe wherever you are and also know your evacuation situation if the need arises. If I can now hand over to our Chair, Serena Lang.
Thank you so much, Christopher. Ladies and gentlemen, good afternoon. May I extend my warm welcome to you all as well, both here and on the Investor Meet platform. It's great to see such high attendance levels through both mediums. We do like the engagement with our shareholders. I know that we have had a number of shareholders that were planning to be with us in person today that have not been able to come due to the tube strikes. We're delighted that you're able to join us online instead, and that's the benefit of having the hybrid meeting. We're also delighted to have a number of our executive leadership team here with us today. For those of you in the room, you'll be able to meet with them if you've not already. When we have our refreshments, you can catch up with them.
Last year's meeting we held at our National Distribution Center, and for those of you who were able to physically attend that or have visited subsequently, it was an opportunity to see firsthand an example of our OneTR strategy of recover, rebuild, and resilience. Shortly, I'll hand over to Iain Percival, our CEO, and he'll give us an update on an overview of our progress against the rebuild phase. However, first, let me introduce the board members to you all. Next to me is our CEO, Iain Percival. We then have Kate Ferguson, our CFO, our non-executive directors, Louis Eperjesi , Laura Whyte , and Nicholas Mills. Our Senior Independent Director, Clive Watson, will not be joining today's AGM, having recently had a family bereavement. I'm very pleased to say that our full year 2025 was a year of progress.
With a strong leadership team and a clear strategy, the team were able to make good headway and recover the business. Today, Trifast is leaner, more focused, and has a stronger balance sheet. We have a really strong focus on safety and on our people, and we've made great progress in implementing a safety-first culture. This morning, many of you will have seen our trading update where we confirmed the trading for the first four months is in line with the board's expectations. Macroeconomic headwinds remain impacting certain industrial markets, most specifically the automotive market, which has been struggling for a while, and this was excessively hit by the tariffs, both in Europe and the U.S., and in fact, had a knock-on effect on Asia.
You may remember, however, our strategy for those of you that have been through it already was very much around pivoting away from being totally reliant on automotive and across to other markets, most notably smart infrastructure, which includes data centers, a really important part of our strategy, and medical devices. This was intentional to ensure that we were able to hedge across multiple markets. I'm pleased to say that our growth in these sectors year on year has been really pleasing. Trifast has also built in resilience to help counter the geopolitical environment through our global manufacturing footprint, engineering expertise, and exposure to growing end markets, as well as our critical position in customer supply chains and the support we provide to help them navigate the current environment.
In the last 18 months, we strengthened our leadership team, and all of our people have been focused on our strategy and working really hard to help drive us forward. Before I hand over to Iain, I'd like to say a big thank you to all of our colleagues who've worked so hard to get us through this recovery phase of our strategy, which has built the foundations upon which we are now rebuilding Trifast to drive long-term value for all our stakeholders. The group is expecting to release its results for the six-month period ending 30th of September 2025 in November. With that, I shall hand over to Iain to share an update on the company's activities, and the presentation is behind us and on screen for those of you who need it.
I think first of all, we're going to play a short video.
We are recovery. We held the line. Rebuild. Now we drive the change. Resilience. What we build today must endure. This is the rebuild phase, where vision meets execution, where innovation powers precision, where momentum returns with purpose. We re-engineer. We re-manufacture. We redesign the supply chain. Stronger systems, smarter solutions, faster responses. This is not about bouncing back. This is about building forward, intentionally, powerfully, sustainably. We recovered. Now we rebuild to become unstoppable. The rebuild phase, purpose in motion, engineering the future, delivering today. We are OneTR.
Good afternoon, everybody in the room. Of course, for those of you joining online, it's great to be able to have this time with you and appreciate you taking the time to join us. I thought what I'd like to do in just a few minutes is summarize a little bit about the key points of the strategy that the team has been very busy executing successfully. Then talk a little bit about a reminder of our full year 2025 results and the delivery of the recover phase of our journey. Finally, just share, building on Serena's introduction, a little bit about the outlook, how we see the year ahead, and indeed our focus for the medium term. Just a quick recap, and I'm sure all of our shareholders are more than familiar with our footprint and our geographical presence.
I think the key message I would like to iterate on this slide is we are OneTR. We are globally present, but focused as a team and a business on one strategy and executing that strategy. Many of you know we supply billions of components every year globally to our customers. You see more than 8,000 customers globally, and we do that with exceptional quality and exceptional service, delivering value. The strategy that we announced last year and that we're busy executing, first of all, is moving us, and you'll recall when I announced it last year, we're moving from an unfocused strategy to a very deliberately focused strategy, both geographically and in markets.
The three markets that we're driving using our value proposition are into automotive, where we're focusing on the higher value-added segments in the industry, the higher growth segments in the industry, and where we certainly see and have seen historically our engineering differentiation really play a part in helping our customers drive value. As Serena mentioned, increasingly, we're pivoting towards higher growth sectors, and smart infrastructure has for the last year and continues to be a double-digit growth sector for us. If we think about the emergence of and the boom in aspects like data centers, in every geography, data centers are a key example of smart infrastructure. They need power, they need water, they need air conditioning, they need lighting, and of course, they need the data racks and the servers.
All of those systems require engineered fastening and supply chain solutions, which is absolutely in the sweet spot of our value proposition. Then medical equipment. Similarly, we see the opportunity from our existing business for high profitable growth, albeit we accept it's a longer-term play. The customers and the market suit really well to our value proposition. Three core markets that we're focused globally on driving business and profitable business growth. How do we do that? We do that through our three key value propositions. Supply chain simplification. What does that mean in simple terms? Many of the customers that we supply have very complex products and assemblies. They use sometimes several hundred fastener components and C-class components. We take all of that complexity out of their supply chain and service it, as I just explained, high quality and great service. Sometimes delivering line-side, multiple times a day.
We do that, for example, to one customer in 82 locations globally. It's more than 600 components. It's an example of what we do each and every day that differentiates Trifast in the market. From an engineering point of view, we're one of only very few global players that has true engineering, deep engineering expertise, not only in product and design of fasteners themselves, but importantly in the application and the value engineering that we bring to our customers. In an increasing world where our customers need their own teams to focus on higher value-added products in their bill of materials, the ability to support them in their engineering design and design in products is increasingly a differentiator and a demand. Finally, manufacturing. We're one of only very few global fastener suppliers that are able to both manufacture and distribute products.
Our manufacturing capabilities across both Europe and Asia are exceptional in producing high quality, complex cold form fasteners. I've used an example where we were able to deliver a product for a U.S. smart infrastructure customer, a new product within one week, design, development, tooling, application, and supply of a new complex cold form fastener within one week. We can do that because we have all three of those value propositions. It's a differentiated position in the market. It's driving success as we execute, and we're doubling down in terms of investing in those three value propositions. You'll recall that we set out the journey. Our goal in the medium term is to deliver double-digit EBIT margin. I think importantly, we set out the three phases of the journey that we expected to deliver.
I'm delighted, as Serena said, that we were able to and strongly deliver our recover phase of the journey and demonstrate that initial significant margin progression in FY 2025. What underpins the approach that we're taking to driving margin improvement? It's basically four key strategic initiatives that underpin that journey. Margin management is all about making sure that we're getting value from our customers for the exceptional quality and service and engineering support that we provide. It's about making sure that we're leveraging and getting the best out of the supply base that we use to support our customers. Focused growth is about ensuring we're driving successful wallet gain of share with existing customers and also identifying those new opportunities within our target market segments to go after and drive organic growth, profitable organic growth. Operational efficiency. We run distribution centers.
We run manufacturing units, driving efficiency improvements each and every day, better asset utilization, better picks per man hour in the case of distribution. That's very much at the fundamental of operational efficiency and what we're driving in those parts of our business. Finally, organizational effectiveness, investing in making sure we've got the right technology. We deal with tens of thousands of components, different engineered SKUs, if you will, each and every day. As I said, to more than 8,000 customers delivering billions of components. That complexity can only be managed by having exceptional data and exceptional system and technology. Of course, as Serena mentioned, making sure that we look after our people from a safety perspective, from an engagement perspective. We want to make sure that Trifast is a great place to work in every single location, that our people feel motivated, engaged, and fulfilled.
This is the walk that we shared in terms of how we expect to deliver the double-digit margin in the medium term. You can see last year, this is how we set it out as we expected it to play through over the progression of recover and rebuild phases. If we talk about then what's the result in that first year, just again, a recap. It was a very strong performance in FY 2025, driven by a focus on that strategic execution and driving those four key strategic initiatives successfully. Our EBIT improved dramatically, more than 170 basis points in a single year. That's a tremendous, I think, a tremendous step on the journey towards our double-digit margin. We delivered on the commitments that we set out in operational efficiency.
We said we were going to drive around GBP 3 million of annualized efficiency savings in the business, and we delivered on that commitment last year. We saw good growth despite a tough macroeconomic environment. We did see strong growth in North America in both smart infrastructure and automotive sectors. Certainly globally, smart infrastructure was growing at double digits. It's not only about managing the margin, it's also about making sure that we're driving working capital and cash generation improvement. Again, a very strong year of cash generation and making sure that we maintain our leverage ratio below one means that our balance sheet is in a significantly stronger position than it was 12 or 24 months ago. Of course, it's great for shareholders that we're able to confirm the dividend being maintained at the FY 2024 level.
A really strong set of results as we drove that first year of strategic execution. What does the year ahead look like as we progress through FY 2026? First of all, there's no deviation from our focus on strategic execution. We continue to work on the four initiatives that are on the screen in front of you, driving that margin management action, still ensuring that we're getting value from customers, that we're improving the mix, that the new business that we're winning is at a higher gross margin than the historic business. All of those actions help improve margin over the mid to long term.
The impact that we saw as a result of trade tariffs being implemented, I have to commend not only the North American team, but all of our team for really working hard on ensuring that we mitigate and manage the recovery of that tariff cost to our business such that it doesn't have any material impact. In focused growth, we've been investing heavily over the last year, and we continue to do that in the engineering and commercial resources that are required to drive that profitable growth in the three key markets. In operational efficiency, we continue to, again, invest in our facilities. We continue to drive into automation opportunities. Importantly, we also continue to be a responsible manufacturer and distributor.
It's great to see, for example, just last week, we switched on the second phase of our solar power generation in our manufacturing plant in Italy, generating almost 70% of the total demands of energy for that location. Very much making sure that we're being a responsible, sustainable supplier to the industry. In organizational effectiveness, continuing that cultural shift towards a health and safety-first culture, engagement with our people, and importantly, leveraging and rolling out our technology platform into those locations that don't currently have access to that same excellent data platform that we need to run the business more effectively. Lots to do, lots going on, but significant momentum and progress, and I'm sure more to come as we report out on our FY 2026 results.
Finally, just to reiterate the outlook, our focus remains on ensuring we drive those things that we can control, those initiatives I just walked you through. They're all things that we can control, we drive, and we are delivering. Of course, the environment around us from an industrial economic environment, whether that be related to the tariff shock or whether that be generally the challenges in the industrial economy, continues to be tough. We're confident that still by driving our self-help initiatives, we're on track, as Serena said, to deliver in line with the expectations that the board has set out for the business in FY 2026. We supply critical engineering components to our customers. Without our components, nothing gets built. We're a critical part of their supply chain.
We do that with excellence each and every day, and we will continue to do that and service our customers and ensure that we support their supply chains despite the challenging environment that we operate in. I think I'll just leave you with a few key comments. We are, no doubt, a stronger, better, more resilient business than we were 18 months ago, 12 months ago. More work to do, and we will continue to drive that business resilience. Our focus is on making sure we deliver that commitment of double-digit margins. That means we're creating a better quality of business for Trifast and its shareholders. We will continue to drive that through those initiatives I mentioned. We have a very clear strategy. We're united as OneTR in executing that strategy.
We delivered really strongly in FY 2025, and we've got momentum that we're confident will deliver further progress in FY 2026. We're on track to hit our commitment of mid-term double-digit margins. With that, let me pass back to you, Serena.
Thank you, Iain. If I can remind everyone that there'll be an opportunity at the end to ask any questions. For those of you online, please use the question facility in the Investor Meet platform. Let me now formally welcome you all to this year's AGM. I have pleasure in declaring the meeting open. Unless anyone objects, I propose that the notice dated the 16th of July 2025, convening this AGM meeting, be taken as read. Now on to the formal meeting of business of the AGM. I will read each resolution for shareholders in the room to vote. Unless anyone has any specific questions about the resolutions that we are talking about, we'll take the questions at the end. For each resolution, registered shareholders, duly-appointed corporate representatives, and proxies will have the opportunity to vote. I will read the resolution aloud.
I will then ask those in favor to raise their hand, followed by those against, and finally, any abstentions. Please raise your hand clearly when prompted so that the votes can be counted accurately. On to the resolutions. Resolution one, to consider the company's annual report and financial statements and the reports of the directors and auditors for the year ended 31st of March 2025. Can those in favor raise their hand? Those against? Any abstentions? Okay. Based on the show of hands, I declare the resolution carried. Resolution carried. Resolution two, to approve the directors' remuneration report as contained in the annual report. Those in favor raise their hands. Those against, raise their hands. Finally, any abstentions? Thank you. Based on the show of hands, I declare the resolution carried. Resolution three, to approve a final dividend of GBP 1.2. Those in favor, show of hands. Those against, any abstentions?
Thank you. I declare the resolution carried. Moving on to slide 17, we now move to the resolutions to elect and re-elect the directors. Resolution four is to elect Kate Ferguson as a director. Those in favor raise their hands. Those against, any abstentions? I declare this resolution carried. Resolution five is to re-elect Iain Percival as a director. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried. Now I'll pass you over to Louis Eperjesi t o propose resolution six.
I propose resolution number six to re-elect Serena Lang as a director. All those in favor, please raise your hand. Those against? Abstentions? No. The resolution passed.
Thank you, Louis. Resolution seven is to re-elect Clive Watson as a director. Those in favor? Those against? Any abstentions? I declare the resolution carried. Resolution eight is to re-elect Louis Eperjesi . Those in favor? Those against? Any abstentions? Thank you. I declare that resolution carried. Resolution nine is to re-elect Laura Whyte. Those in favor? Those against? Any abstentions? Resolution ten is to re-elect Nicholas Mills as a director. Those in favor? Those against? Any abstentions? Thank you. I declare that resolution carried. Moving to slide 18, resolution 11 to appoint RSM UK Audit LLP as auditor of the company and to hold office until the conclusion of the next general meeting at which accounts are presented to shareholders. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried. Resolution 12 to authorize the directors to fix the remuneration of the auditor. Those in favor?
Those against? Any abstentions? Thank you. I declare the resolution carried. Resolution 13 to allow directors' authority to allot shares or to grant rights to subscribe for or convert any security into shares. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried. Slide 19. Moving now to the special resolutions. Resolution 14 is to allow the directors' authority for the disapplication of preemption rights. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried. Resolution 15 is to allow the directors' authority for the disapplication of preemption rights for an acquisition or capital investment. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried. Resolution 16 to authorize the company to make market purchase of its own shares. Those in favor? Those against? Any abstentions? Thank you. I declare the resolution carried.
Finally, resolution 17, that a general meeting, other than an annual general meeting, may be called on not less than 14 clear days' notice. Those in favor? Those against? Any abstentions? Thank you. I declare that resolution carried. The final results of the meeting will be available on our website later on today and also reported to the market in the usual way. That now concludes the formal business of our 2025 annual general meeting. Thank you all very much. Christopher, over to you, please.
Thank you. Okay. We'll now move to questions and answers and questions to any of the directors here today. We've had a number of questions presented to us online already, but I want to open to the floor first to ask if there are any questions from shareholders attending today. Yes, Mr. Kessel.
Yes. With the auditors, you've had a change of auditors during the year. I just wondered, the new auditors are based in Birmingham. Is this because you wanted some auditors nearer to where your office is? Did the previous auditors simply decide they wanted to do the audit?
I can answer that. We found out, I think some of you might be aware that we had a delay to our results in FY 2024. This has simply needed to change to make sure that that didn't happen again. We have engaged RSM . We are working very well with them and completely support the way they work with us. The decision to have them up in Birmingham is simply because it is closest to the National Distribution Center.
Perfect. Any other questions from the floor? Yes, please again, Mr. Kessel.
Yes. With regard to cybersecurity, you obviously offer training to your staff in the various locations. Do the board themselves get any training in cybersecurity at a level where they can challenge the management on this? That's the first part of my question. Secondly, you have in-house security teams to deal with things like cybersecurity. Do you also employ external experts to monitor the cybersecurity that you have in place? Finally, Marks and Spencer, who had a cybersecurity incident, increased their amount of insurance about a year before this happened. Are you reviewing the amount of insurance that you've got, say, on a regular or a recent basis?
Thank you. Yes. I mean, I'll take that. It's a real concern, isn't it, for all boards and companies, the risks now that we see are out there. Let me try and take your questions one by one. In terms of the board, there's a number of things. The first is that the board goes through the same training as the rest of the organization, and that's really important that we do that. In fact, most board members have to do the same training on all boards that they're on. We've probably done it three or four or five times. However, in terms of capabilities, I think more and more and that whole sort of cybersecurity, and it's the same for AI. Those types of skills historically were quite missing on a board.
One of the things that we've done, and we'll be making an announcement tomorrow, in fact, is we're excited. We're taking on a board fellow onto our board who's got just this experience, basically, is the AI. He's currently CIO in a large organization. That will bring that sort of day-to-day knowledge and skill set. A year ago, obviously, internally, we upgraded our leadership and brought in a new CIO into our organization. We're really confident in the capabilities we've got. I think the second part of your question then was around whether we use third parties, external experts. The answer to that is yes, we do. Could we sit here and say we're not going to get an attack? We couldn't.
Can we sit here and say we are doing everything we can to improve what we've got as quickly as we can and give ourselves as much protection as we can? I think that's what we're doing. It's a topic that at a board level, we keep on top of. Where are we? What are we doing? It's a major risk. There's no doubt about it. The third question, you get insurance cover. Glad you asked that one because we have just renewed or re, what would we call it? I don't know. Anyway, yes, we have. We've focused very much on how we're going to support ourselves from an insurance perspective. We have, in fact, I've appointed new brokers. Yes. Hopefully, that and that's increased our cover. Yeah. Thank you for the question because I think it's really, really topical.
If I can take some questions online, and again, if there's any questions, I'll continue here. I had a couple of questions that perhaps Serena, you want to pick on, of course, or Iain. It really sort of segues on from the previous one, how we're maximizing the power of artificial intelligence within the business.
Okay. Yeah. In terms of AI, we're using it to strengthen both the efficiency and growth across our manufacturing and distribution network. We've been doing some pilots, and we've now moved from those pilots into some live applications in our global supply chain where we're using the AI to improve the data quality that we've got, the forecast demanding more accuracy, and optimize machine performance. That's really important. It helps us reduce the downtime and limit the risks. I think that's a really good example. We're also using it to help increase sales and improve the visibility of what the transactions look like, analyzing that, gaining sharper insights into buyer behavior. Again, that's allowing us to tailor solutions towards our customer base and opportunities in the market more quickly. I think the important thing for us, AI is not just about automation.
It's about making our machines and our data and our people smarter so that we can really start to leverage that. We're being able to turn the information that we've got into action.
Thank you. Iain, I think this probably is one for you in an operational sense. A question from a shareholder on what plans are there in the business to develop growing economies such as India or Vietnam or other fast-growing economies in the world.
Sure. Yes, first of all, I would say we're through the focused growth initiative. It's not only about making sure that we're growing with customers in existing customers in existing geographies, but to the question's point, how do we support existing customers in potentially new geographies or growth economies? A good example, I would say, is in India. We're present in India. It's a relatively small operation. We're investing, actually, this year, we're investing to bring the capability and the technology platform in India to a higher performing level. That is absolutely targeted on making sure we can support the growth pipeline that we see in the Indian market from both existing and new customers in that market. That's one example. Another example is we're seeing in smart infrastructure growth in Middle East economies, particularly as those economies translate oil revenue into new industries.
Part of that is also growth in data centers, which I talked about earlier, but into power and infrastructure. Again, we're supporting and seeing really good, strong growth in export today, but we would certainly expect to support our customers once that growth reaches the right kind of level in the region. I think, yes, we are pursuing growth both in existing geographic markets, but also making sure that we are exploiting the opportunity and capturing the opportunity and indeed supporting our customers as they drive growth in those higher growth economies.
Thank you. We have a question, probably one perhaps for you, Kate, to pick up on how we are managing currency exchange fluctuations at this moment in time within the business and the impact.
Yeah. We have been impacted by the weakening of the U.S. dollar since the effectively Liberation Day on the 2nd of April . The main impact that we have had is with the valuation of USD-denominated assets in the dollar sheets in Asia. We have got some unrealized losses which have come through. We are mitigating that through taking action in terms of moving things around and structuring. That is actually coming down and reversing anyway as well as we're seeing at the moment. Yes, we are being impacted. Otherwise, it's not really impacting us. We're managing it as best as we can and continuing to trade well.
Thank you. Iain, I have a question here on a project, a former name of the project called Project Atlas, and a shareholder is asking, you know, what is an update in that and what is the investment the company is making in relation to that ongoing project?
Project Atlas, for those who don't remember that project name, was about implementing Microsoft D365, the ERP platform, the core technology platform into roughly half of our business. That was completed. Actually, we completed the last location of that project in the first quarter of last calendar year, so the first quarter of 2024. Project Atlas was completed in 2024. What I mentioned was, and I just referred to India as an example, the need for us to continue to invest in our core technology platforms, whether that's Office 365 tools to make sure that all of our 1,200 employees are connected and engaged in a consistent way, or whether it's implementing Microsoft D365 solution, the existing platform into locations where it is not today.
Yes, we continue to invest, and it's the right thing to do to modernize and to drive some of the efficiency benefits, both in organizational operation and also supporting margin management. Focused growth is foundational, frankly, to delivering the benefits that we expect to see across all four strategic initiatives. Yes, we continue to invest in our technology platform, including D365. Project Atlas, as was, was completed in the first quarter last year.
Thank you. I have one final question online, which I think I'll ask that suggests both you and Serena sort of comment on, but it's what we're doing to maximize shareholder value across the company at this moment in time and the initiatives we're deploying.
I mean, I'll start and then you can take over. I think it's always important, and it's been a priority of ours to ensure that we create shareholder value and stakeholder value in general. I think we are a company in turnaround. What we've done is we've got the business back to a really, really strong base. We've strengthened the business, and we've gone through that recovery. That's given us a bit of an improvement in the share price. Of course, we're continuing to pay a dividend. At some point, we want to be in that position where when the market's right, we'll get a re-rating as well. There'll be that uplift for our shareholder base. I think all the things that Iain and the team are doing are about driving that. Our objective here is the long-term strategic growth and sustainability of the business.
That's what the board's accountable for. As we drive for that and we look at growth and go from a turnaround business to a growth business and building resilience, because let's face it, Trifast was very much known as quite a cyclical business, we want it to be much stronger than that. That's what we're building. I think overall, that's just going to drive the shareholder value. I don't think that.
Only to say, I think creating shareholder value is, in my mind, it's about building a better business. We are building a better business. There is no doubt. I hope from a shareholder perspective, you see that in not only the financial results, but also the materials that we're conveying about how we're driving change and transformation, positive change and transformation, not only across the financial elements, but also culturally. We care about our 1,200 employees. We want them to go home safely each and every day. We care that they come to work and feel motivated, engaged, and fulfilled. We've got work still to do, and that's why it's a three-phase plan, not a one-phase plan and a one-year plan.
I think absolutely what we are doing, both through the strategic execution and those initiatives I spoke about, and what we're doing to ensure that we are a OneTR, a better, stronger business, both for our customers, for our employees. I believe that also must help drive shareholder value as well.
Thank you, Iain. Christopher, if there are no further questions online and nothing else in the room, I will thank you all once again for joining us today. For those of you here, we wish you a safe journey home. We have some refreshments. For those of you online, thank you so much for taking the time to join us today. We really appreciate it. With that, I'll close the meeting. Thank you.
Thank you to the board for updating attendees today. Can I please ask attendees online not to close the session? You'll now be automatically redirected to provide your feedback in order for the team to better understand your views and expectations. This will only take a few moments to complete and is greatly valued by the company. On behalf of the board of Trifast plc, I would like to thank you for attending today's AGM proceedings. Good morning to you.