Trifast screws down rise in profits in latest annual report

Trifast sees underlying pre-tax profit rise from £5m to £7.25m and revenue jump 8%, from £112.51m to £121.54m

A global screws and fastenings company that employs 36 people in Newton Aycliffe, County Durham, grew its profits by 45% in the year ending March 31, 2013.

During that period, Trifast saw underlying pre-tax profit rise from £5m to £7.25m and revenue jump 8%, from £112.51m to £121.54m.

The company’s latest annual report also show earnings before the deduction of interest, tax and amortization expenses grew 41%, from £6.54m to £9.23m.

Founded in 1973, as TR Fastenings Ltd, the firm, which is headquartered in Sussex, produces high-quality, low-cost screws and fasteners for a wide range of applications, from computers to cars.

Employing more than 1,000 people, it now has 23 business locations within North America, Europe and Asia, along with seven manufacturing sites, and has the ability to supply its specialist products 24 hours a day around the world.

The County Durham site is responsible for fast-turnaround supply to sectors such as automotive, aerospace and defence.

Executive chairman Malcolm Diamond MBE said: “As directors, we are particularly pleased with the jump in profitability between March 2012 and March 2013.

“We remain committed to the pursuit of shareholder value and, as part of this, see many reasons that point to further ‘bottom-line’ growth for the foreseeable future.”

Chief executive Jim Barker said: “Trifast’s relentless focus on profit growth and cash generation has been reflected in a strong trading performance, resulting in all Key Performance Indicators being met at the end of the financial year.”

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