19th Nov 2024 21:34
Trifast PLC - East Sussex, England-based maker of industrial fastenings - Pretax profit falls 21% to GBP1.6 million in the six months to September 30 from GBP2.0 million a year prior. Revenue drops 3.2% to GBP113.9 million from GBP117.6 million. Diluted earnings per share fall to 0.99 pence from 1.15p. Dividend is unchanged at 0.60p. Continues to consider that an appropriate level of dividend cover is in the range of 3.0x to 4.0x. Says revenue fall reflects persistent market headwinds in a number of sectors leading to reductions in Europe and UK & Ireland. North America and Asia however reported revenue growth, ahead of expectations, reflecting more supportive local market conditions. Gross margin improves 169 basis points to 27.4%, the highest since 2020. Remains on track to achieve the phased cost savings in financial 2025 of around GBP3 million from the operational improvement programme. Looking ahead, remains on track to deliver results for the year ending March 31, 2025 in line with expectations, and remains confident in the delivery of mid-term margin and returns ambitions. Read More
