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TR Commits to Further
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2012-11-23
Trifast plc preliminary results for the year to 31st March 2012 show total group revenue at GB£112.51 million up 6.1 percent on the previous year.
Underlying pre-tax profit, excluding the acquired PSEP business in Malaysia, was up 17 percent at GB£4.42 million. Trifast told shareholders it had reintroduced a dividend.
The financial year-end marked three years since Malcolm Diamond and Jim Barker returned to the business as chairman and chief executive. In a joint statement they referred to the stark yet encouraging contrast between the status of the company in 2009 compared to 2012 as "maybe not quite 'rags to riches' but more 'doomed to dynamic' adding they were now "focused on working through the current financial year with an even higher degree of confidence in our ability to further accelerate our growth going forward into 2013 and 2014."
Commenting on the acquisition of Power Steel and Electro-Plating Works Sdn. Bhd. (PSEP), they said the company had fulfilled all the key criteria to help broaden TR's manufactured product range, especially within the automotive assembly sector, whilst clearly demonstrating its strength of earnings.
Malcolm Diamond and Jim Barker committed: "For as long as we can add shareholder value," to continue at Trifast to drive a second three-year plan aimed at growing the business considerably by a combination of organic growth and niche acquisitions.
In detail, UK revenue increased 1.1 percent to £57.78 million; Asia grew 13.4 percent - including the PSEP acquisition - to £31.12 million. Europe and the USA contributed £23.61 million sales, up 9.8 percent.
Underlying pre-tax profit, excluding the acquired PSEP business in Malaysia, was up 17 percent at GB£4.42 million. Trifast told shareholders it had reintroduced a dividend.
The financial year-end marked three years since Malcolm Diamond and Jim Barker returned to the business as chairman and chief executive. In a joint statement they referred to the stark yet encouraging contrast between the status of the company in 2009 compared to 2012 as "maybe not quite 'rags to riches' but more 'doomed to dynamic' adding they were now "focused on working through the current financial year with an even higher degree of confidence in our ability to further accelerate our growth going forward into 2013 and 2014."
Commenting on the acquisition of Power Steel and Electro-Plating Works Sdn. Bhd. (PSEP), they said the company had fulfilled all the key criteria to help broaden TR's manufactured product range, especially within the automotive assembly sector, whilst clearly demonstrating its strength of earnings.
Malcolm Diamond and Jim Barker committed: "For as long as we can add shareholder value," to continue at Trifast to drive a second three-year plan aimed at growing the business considerably by a combination of organic growth and niche acquisitions.
In detail, UK revenue increased 1.1 percent to £57.78 million; Asia grew 13.4 percent - including the PSEP acquisition - to £31.12 million. Europe and the USA contributed £23.61 million sales, up 9.8 percent.
