Trifast has reported strong growth for FY15, with adjusted PBT and diluted EPS 5% ahead of our estimates. A 50% increase in the dividend has been proposed, 11% ahead of our expectations. Momentum remains strong and management is confident of a further year of progress. We anticipate increasing our forecast for adjusted PBT by c.5% to reflect the stronger progress to date. The valuation remains undemanding and we reiterate our Buy recommendation.
