12th Jun 2018 09:24
LONDON (Alliance News) - Industrial fastenings maker Trifast PLC hiked its dividend 10% Tuesday after annual profit and revenue showed "strong" growth and it continues to invest for further growth.
For the financial year that ended in March, pretax profit expanded 6.7% to GBP19.0 million from GBP17.9 million the year prior. This was after revenue rose 6.0% to GBP197.6 million from GBP186.5 million the year before.
Trifast proposed a 2.75 pence per share final dividend, up from 2.50p the year prior. For the full the year, the dividend rose 10% to 3.85p from 3.50p the year before.
"As expected, 2018 has delivered another year of strong growth, with ongoing investment across all our regions," Trifast Chief Executive Officer Mark Belton said.
"As a group, we continue to invest in our operations around the world to support our ongoing growth story," Belton added. "In manufacturing, our capital expenditure plans will continue to increase capacity most noticeably at both our Italian and Singaporean sites. On the distribution side of the business, we have already expanded warehousing capacity in Shanghai and Northern Ireland to support the strong growth we are seeing in both of these markets.
"Moving into our new site in the USA in April this year, represents one of our biggest warehousing investments in recent years," Belton continued. "This has increased capacity significantly to future proof the business for further growth."
"This, together with a strong balance sheet, as well as a proven track record of profitable investment, means the group is in a great position to keep moving forward," Belton said.
Net debt increased to GBP7.4 million from GBP6.4 million the year prior.
"The current year has started well, with a robust pipeline in place," Belton said, "and the board remains confident of delivering on its expectations."
Shares in Trifast were 3.2% lower at 263.32 on Tuesday.
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