Trifast PLC - East Sussex, England-based maker of industrial fastenings - reports weaker annual earnings but set out a promising outlook. Revenue falls 4.4% to £233.7 million in the financial year that ended March 31 from £244.4 million the year prior. Pretax loss narrows to £789,000 from £2.7 million. Trifast proposes a final dividend of 1.20p per share, down 20% from 1.5p a year prior. Its total dividend amounts to 1.80p, also a decline of 20%, from 2.25p. Trifast says it has been setting itself up for growth when the market recovers.
Looking ahead, it says: ‘We believe there is significant scope for improvement in the mid-term and are confident we will be more profitable, effective and efficient in FY25. The macroeconomic and geopolitical environment remains volatile, and we continue to be challenged by inflationary pressures. We are confident we have the right strategy to capture margin upside and deliver sustained growth. We believe there is significant opportunity to return performance to historic levels.’
Current stock price: 72.60 pence each, up 2.3% on Monday afternoon in London
12-month change: down 18%
Shares are down around 17% year-to-date as well. They suffered a 22% slump in a single trading day back in January, when Trifast warned annual earnings would fall short of consensus at the time.
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