12th Nov 2013 10:46
LONDON (Alliance News) - Trifast PLC Tuesday reported a increase in profit and revenue for the first-half, reflecting a strong performance across the business.
The company, which makes mechanical fasteners, posted pretax profit of GBP3.4 million for the period ended September 30, up from GBP3.4 million a year earlier, while revenue rose 6.6% to GBP65.3 million, from GBP61.2 million in 2012.
Trifast said most of its international operations had performed strongly, particularly in the US where it recorded revenue growth of 13.2%. In Asia revenue was down 1.8% due to the loss of two profitable supply contracts.
Net debt declined to GBP3.6 million compared with GBP7.7 million a year earlier and GBP5.2 million at the full year 2012.
Cash and cash equivalents at the half-year period stood at GBP13.5 million, up from GBP12.43 million a year earlier.
Trifast said it was encouraged by its first-half performance and remained optimistic for future growth.
"We are very reassured by the creditable organic performances achieved in the first half and the opportunities our teams are creating to secure additional growth for the remainder of the financial year and into 2015 and beyond; these combined with our 'self-help' and 'Continuous improvement' initiatives will continue to deliver positive gains," it said.
"We are also very encouraged by the number of new products and licenses recently won which are gaining a foothold and this gives us confidence in our future ability to deliver more."
As a result of the company's performance it reintroduced an interim dividend of 0.40 pence per share.
The stock was trading at 84.00 pence Tuesday morning, up 1.75 pence or 2.1%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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