LONDON (ShareCast) - Manufacturing group Trifast posted better-than-expected annual pre-tax profit, as revenue rose on the back of operational improvements.
The London-listed company said pre-tax profit for the year to 31 March rose 33.6% year-on-year to £11.8m, while revenue increased 19.2% to £154.7m and underlying earnings per share jumped 45.9% to 8.68p.

In a statement released on Tuesday, Trifast attributed the increase in revenue and profits to a new commercial strategy.

"The results reflect the operational improvements implemented by management over recent years which are now delivering growth in both revenue and profitability, together with the upturn in confidence as we progressed through the year," it said.

The company admitted there were a number of macroeconomic factors out of its control that could affect results in the future, although it expected to see growth continue this year.

Meanwhile, the group has announced that its chief executive officer, Jim Barker, will step down from his role on 30 September to be replaced by current chief financial officer Mark Belton.

Trifast shares were down 5.23% to 121.30p at 08:27 on Tuesday.

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