Trifast sees full year revenue growth above 6%

MIDLAND fastener group Trifast has seen full year revenue grow more than 6.1% as a three-year restructuring operation finally began to pay dividends.

Trifast said full year revenue rose to £112.5m (2011: £106.09m), with underlying pre-tax profit up 32.6% at £5m.

The group said it had seen solid improvement across its core business with all territories trading profitably. In the United States, a restructuring of its Houston hub was successful and the operation was trading well.

The PSEP operation had been integrated successfully and was trading well, while the group said it had seen significant global contract wins.

In a joint results statement, chairman Malcolm Diamond and chief executive Jim Barker said: “We are now focused and working through this current financial year with an even higher degree of confidence in our ability to further accelerate our growth going forward into 2013 and 2014.  

“Underpinning our confidence in the future of the business, the board are recommending the re-introduction of a dividend.  As all of our business teams continue to trade profitably; our enquiry log for major new business opportunities remains busy across all three main continents we serve – and sectors, mainly in Electronics and Automotive. 

“We look forward to updating stakeholders throughout the year on our progress.”