LONDON (ShareCast) - (Sharecast News) - Trifast issued its half-year report on Tuesday, reporting another six months of solid growth, with "significant" ongoing investment across its regions and via Project Atlas in the period ended 30 September.
The London-listed firm said group revenue was up 7.8% to £105.4m at constant exchange rates, with its gross profit margin remaining in line with the same period last year at 30.2%.

Underlying operating profit before tax was 6.8% higher at £11.7m at constant currency, with underlying diluted earnings per share rising 7.2% to 7.27p, also at constant exchange rates.

Net debt stood at £13.5m at period end, widening by £5.6m year-on-year, with its return on capital employed narrowing 60 basis points to 19.5%.

The board declared an interim dividend of 1.2p, 9.1% higher than that paid at the half-year last year.

On a GAAP basis, operating profit was down 10.9% at £8.2m and profit before tax narrowed 12.2% to £8m, while GAAP diluted earnings per share were 26.5% lower at 4.82% and GAAP basic earnings per share were off 26.6% at 4.93p.

On the operational front, Trifast said it made capital investments of £1.3m during the half, increasing its manufacturing capacity and capability, with more to follow.

It also expanded its distribution facilities in the United States, in a bid to support regional revenue growth of 34.8% at constant exchange rates.

Project Atlas - its multi-year investment in its systems, policies and procedures - was said to be "on track", with a spend of £1.5m.

"Our solid first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the group is in a great position to keep moving forward," said non-executive chairman Malcolm Diamond.

"The second half has started well and, with a healthy pipeline in place, the board remains confident of delivering its expectations for the current financial year."

Despite the macroeconomic backdrop, Diamond said Trifast continued to have confidence in its model.

"As an international business serving a range of end markets and with around 70% of revenues and profits being generated outside the UK, we recognise the global opportunities that lie ahead in providing good product, skills and services to industry.

"We have these, coupled with the foresight and flexibility around the group to keep moving forward and delivering on our future aspirations."

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