Trifast (TRI) - decent results and possibility of further upgrades?
There were decent full-year results from the manufacturer and distributer of industrial fastenings marginally ahead of expectations.
Revenue was up 6.1% to £112.51m (including a £3.56m from the Malaysian PowerSteel acquisition), underlying pre-tax profit up 32.6% to £5.0m and eps up 24% to 3.76p. A 0.5p dividend was re-introduced equating to a yield of just over 1% at the current share price. Net debt at year end was £8.41m representing gearing of 15.7% and broadly in line with consensus estimates. The key driver of growth in the year was the Europe/USA region which grew by 9.8%. Overall growth in the Asian territories was affected by the Thai floods and the Japanese Tsunami but despite this and excluding…