Revenues jump at Trifast

Mechanical fasteners maker Trifast has delivered a 10.5 per cent jump in half year revenue, with growth coming from the acquisition of Power Steel and Electro-Plating Work.

The mechanical fasteners maker firm saw revenues climb from £55.44m to £61.25m in the six months ended September 30th, contributing to underlying pre-tax profit of £3.39m, up from £2.13m the same period the previous year. Basic earnings per share totalled 2.28p, compared to 1.77p the same period in 2011 and 1.68p the previous half.

The group's underlying EBITDA (earnings before interest tax, depreciation and amortisation) increased to £4.60m (HY 2012: £3.06m) and represents 7.5% of group revenue.

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The cost of sales increased from £41.2m to £45.4m, leading to gross profit of £15.9m, up from £14.3m the prior year.

More than 60% of the group's sales now come from outside the UK, with revenue from Asia soaring 42.9% against the first half. TR Europe / TR USA saw revenue growth of 5.1% and 6.6% against H1 & H2 2012 respectively.

The company said that the automotive contracts for new models are providing increasing revenue pipeline into 2013 and beyond.

In a statement the group said: "We remain mindful of the continuing macro uncertainties particularly in the Eurozone; however, the current levels of business dynamics lead management to remain confident in the prospects of the business for both this financial year and the next."

The share price rose 0.89% to 42.50p by 14:22.

NR