Chairman's Message

Letterhead.jpgDear Shareholder

We hope that you enjoy reading about the significant progress our business has made since my last letter to you in 2011; with a great deal being achieved through internal "self-help" initiatives, as well as working together externally with customers and suppliers to build on our key drivers of "Continuous Improvement" — all of this being delivered through the dedication and commitment of all our people around the Globe.

Our 2012 key achievements have resulted from "Doing what we promised"
Sales growth Margin improvement Managing debt & cash generation
Return on Capital Employed Restoration of the Dividend

Having successfully completed the three-year recovery plan implemented in 2009, your Board is now looking forward to the next three years by working with our talented and highly focused operational teams to double the size of the business by accelerating growth organically and complemented by highly selective niche acquisitions. At the end of 2011, we welcomed PSEP into the TR family, with this addition clearly reflecting our aspirations to grow the business through buying niche specialist companies that will add value to our product offering and capabilities, thus giving us the opportunity to broaden our customer spread and strengthen our presence in key market sectors, in this case — Automotive.

Over the past year, we have been presented with several National and International awards from both customers and industry — which is a testament to the strong partnerships we are building, especially with multinationals where we have secured a number of solid contract wins from leading global brands, with further progress expected as we develop through this coming year and beyond. We are delighted to restore the dividend this year as an inaugural start to what we hope to be a progressive yield policy going forward, and we humbly acknowledge the support and encouragement that we have received from our investors throughout these last three "lean" years.

Our next three year plan to double revenue is built around a "World of Opportunity" that the Board strongly feels is available to us within our industry — both geographically (especially in Asia and the USA), and within our target customer sectors.

We look forward to updating you on our progress as we move forward. Meanwhile, my colleagues and I would be pleased to welcome you to our Annual General Meeting in Uckfield on 20 September where you can meet our staff and take a look around if you wish. If you have any questions, please do not hesitate to call the office or email us and we will do our best to help you.

Yours sincerely

Malcolm Diamond MBE
Executive Chairman