10th Jul 2025 14:39
(Alliance News) - Trifast PLC on Thursday said it is confident it can remain on track to achieve its medium-term earnings before interest margin despite current global economic challenges, such as a weakening dollar and US tariffs on steel.
The East Sussex, England-based maker of industrial fastenings said performance in the financial year ended March 31 was "strong" despite market headwinds, driven by "good" progress on strategic and self-help initiatives.
Revenue was down however 4.4% to GBP223.4 million from GBP233.7 million, due to weak market conditions in the UK and Europe, but partially offset by growth in smart infrastructure and North American focus markets.
Cost of sales came down 8.2% to GBP160.1 million from GBP174.4 million, while administrative costs reduced by 3.3% to GBP47.0 million from GBP48.6 million.
Pertinently, it swung to a pretax profit of GBP4.9 million from a loss of GBP789,000.
Trifast said it targets further cost savings in the new financial year 2026 and beyond.
The company said it maintained its final dividend at financial 2024 levels of 1.20p per share, while its total payout remained unchanged at 1.80p. Trifast explained it prioritised margin enhancement and support long-term growth.
Trifast said it is confident of meeting its medium-term target of an earnings before taxes margin of over 10%. In financial 2025, it improved to 6.8% in constant exchange rates, from 5.1% in financial 2024.
That is despite ongoing headwinds which it expects to persist into the first quarter of financial 2026, such as US tariffs on steel and aluminium, a weakening dollar and Automotive sector softness.
"We have worked closely with customers to navigate the challenges - including pricing - and making sure their supply chains are protected, and supply continues," Trifast said.
Chief Executive Officer Iain Percival said: "We continue to effectively navigate the current global challenges and economic conditions by focusing on our key objectives of margin management, focused growth, organisational effectiveness and operational efficiency, all of which are supporting improved returns despite the mixed demand backdrop. I want to thank all Trifast employees for their contribution in helping deliver a successful year."
Looking ahead, Trifast said: "As we look to the future, despite continuing external market challenges, we remain confident in delivering our mid-term ambitions. We still have much to accomplish, especially through self-help actions in our four key strategic initiatives and continued focus on delivering the strategy. We are determined to improve our safety performance and engagement for those working with us and remain committed to being a responsible business within our communities and be a company that everyone is proud to be associated with. I remain positive and excited about this journey and am looking forward to leading Trifast colleagues through another year of success and achievement. I am also looking forward to meeting our shareholders at our annual general meeting in September."
Trifast shares rose 1.8% to 69.20 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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