Trifast PLC - Uckfield, England-based industrial fastenings firm - Swings to a loss of GBP2.7 million in the year ended March 31 from a pretax profit of GBP10.6 million the prior year. Trifast says this was due to investments in overheads related to recruitment, with Project Atlas BAU costs as well as inflationary cost impacts increasing overhead levels. The company says it has commenced a strategic review to deliver savings of more than GBP5.0 million per year. Revenue rises 9.1% on a constant currency basis to GBP238.5 million from GBP218.6 million. Posts final dividend of 1.50 pence per share, up 7.1% from prior year 1.40p.
"As we said in April's update, the group's business foundations remain strong, and there is significant potential to be realised during the coming years. We are also mindful that the short-term macro-economic outlook remains challenging," says Interim Chief Executive Officer Scott Mac Meekin.
Current trading share: 75.60 pence, down 1.8% in London
12-month change: down 17%
By Will Neill, Alliance News reporter
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Trifast (TRI)