Trifast leaps as profits double

International manufacturer and distributor of industrial fastenings, Trifast, saw its share price leap on Tuesday after posting a 6.1 per cent jump in revenue and nearly a doubling of its pre-tax profits.

The company also pleased investors by reintroducing a dividend payment, recommending a final payout of 0.5p per share, subject to shareholder approval.

The group's Finance Director, Mark Belton, said: "The traditional Trifast (TR) business has performed well and through a focus on margin and 'self-help' applications has returned a creditable result, despite natural disasters and external influences affecting the global economies and commercial marketplace.

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"Added to the solid organic performance of TR, the integration of Power Steel and Electro-Plating Works, acquired at the end of last year, continues to progress on plan; as a combined business we have a number of exciting opportunities ahead.

Pre-tax profit for the year came in at £4.76m (2011: £2.52m) on revenues of £112.5m, compared to £106.1m the previous year.

Basic earnings per share rose from 1.93p to 3.45p year-on-year. Group cash levels rose from £7.1m to £11.8m.

Belton added: "Whilst uncertainty in the world markets remain, the directors are encouraged by the progress the enlarged business is making through enhanced capabilities and the opportunities afforded to us to rebuild supply partnerships, and build on and win new business. We are optimistic that with the opportunities that lie ahead, the group will continue to make good progress both commercially and strategically throughout 2012/13."

The share price climbed 4.50p to 46p by 13:34.

NR