Record results for Trifast after strong demand
FASTENERS manufacturer Trifast has announced record full year results following high demand for its products globally.
The full year performance was the best since the business was formed 40 years ago and the firm – which has operations in the West Midlands – has attributed the results to a mix of strong, organic profitable growth combined with the additional income stream from its new Italian arm, VIC.
“It is pleasing to report that VIC has not only integrated well into the group but has broadened our design application capabilities, strengthened our presence within the domestic appliances sector and further enhanced our manufacturing capabilities within Europe,” said the group.
The results for the full year to March 31, 2015 show revenue grew 19.2% to £154.74m (2014: £129.78m), with underlying pre-tax profit up more than 56% to £14.31m (2014: £9.16m).
Basic earnings per share rose 21.5% to 7.39p (2014: 6.08p) and the board has recommended a 50% increase in the final dividend to 1.50 (2014: 1.00).
“The impressive results in 2015 are stronger than originally expected. They reflect the operational improvements implemented by management over recent years which are now delivering growth in both revenue and profitability, together with the upturn in confidence as we progressed through the year,” said Trifast.
“There are some macroeconomic influences that we cannot control which may affect future results. This being said, as a business we remain confident in our ability to deliver our strategy and are excited about the future.”
On current trading, it said the forward order book remained solid and the group’s trading performance had continued to benefit from the positive momentum seen in the second half of last year.
“There continue to be many opportunities, both across our key sectors and with new and existing customer partnerships, and we believe that the group will go from strength to strength. We remain encouraged by the future growth profile of the business and our commercial progress looks set to continue positively during 2015/16,” it added.
The group has also announced a series of top level management changes, including the departure of chief executive Jim Barker.
Barker, whose career has spanned 40 years, will step down as CEO on September 30 but will remain available to the group in a consultancy role until June 30, 2016.
Mark Belton, Trifast’s current Group Finance Director will take up the role of CEO with effect from October 1, 2015.
Clare Foster is promoted to Chief Financial Officer and will join the main board with effect from the same date.
The company has also announced the immediate appointment of Neil Warner as Senior Independent Non-Executive Director.
Walker spent 14 years as Group Finance Director at Chloride Group plc, until the business was sold in 2010. Between, 2003-2013, he was also Senior Independent Non-Executive Director and chair of the Audit Committee at Dechra Pharmaceuticals.
Neil Chapman, the former Senior Independent Non-Executive Director retires from the board today.
