LONDON (Alliance News) - Trifast PLC Tuesday reported an increase in profit and revenue for the full year, reflecting a strong performance across the business.
The company, which makes mechanical fasteners, posted pretax profit of GBP9.4 million for the year ended March 31, up from GBP7.2 million a year earlier, as revenue rose to GBP129.8 million from GBP121.5 million.
West Midlands-based Trifast said it saw growth in all its geographical areas, apart from Asia where revenue dipped 1.3% to GBP38.4 million from GBP38.9 million.
The firm said the Asia business delivered an impressive performance which included "back-filling" the end of two sizeable component supply contracts. However it was hurt by the weakening of Asian currencies, with the Malaysian ringgit for instance weakening by 16% against the pound.
On the other hand, revenue in the UK rose 10% to GBP63.2 million from GBP57.3 million a year earlier. Trifast said the UK continues to benefit from the resurgence from the automotive sector, as well as the general macro-economic outlook.
In Europe revenue rose 11% to GBP25.4 million from GBP22.9 million a year earlier. Trifast said Holland and Sweden also benefited from the growth in automotive, whereas Hungary grew 18% on the back of electronics sales.
Trifast said despite an increase in retained profit during the year, net assets were only marginally up to GBP61.7 million from GBP60.4 million, as foreign exchange translation, largely resulting from the weak Asian currencies, reduced the group's assets by GBP5.08 million.
Post the year-end, Trifast acquired Italian fastening systems business Viteria Italia Centrale Srl in a deal worth GBP22.5 million. At the end of 2013 Viteria had net assets and gross assets of EUR17.89 million and EUR31.88 million, respectively.
Looking ahead the firm said overhead control will remain a focus, and it will continue to pursue opportunities for growth.
On the back of its performance the firm said it will pay an final dividend of 1.00 pence per share, making a total dividend of 1.40 pence, up from 0.80 pence year earlier. In the previous year the Trifast did not pay a final dividend.
Trifast shares were quoted up 0.02% at 129.02 pence Tuesday morning.