Trifast PLC (LON:TRI) shares got a lift today as the industrial fastenings group hiked its annual dividends by a quarter after reporting solid growth in full-year profit and revenue.
For the year ended March 31, the firm saw its pretax profit increase by 13% £18.1mln, up from £16.0mln a year earlier, buoyed by foreign exchange tailwinds, as its revenue rose to £172.6mln from £161.4mln.
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Trifast also saw a record increase in gross margin by 140 basis points to 31.1%, up from 29.7% a year earlier.
The group said it will pay a total dividend of 3.50p per share, a 25% increase from the 2.80p payout in the previous year.
Trifast chief executive officer, Mark Belton, said: "The current financial year has started well and, with a robust pipeline in place, there is no indication this will change.
“The additional investments we are making in our people across the world, including into our global and local sales teams, mean the group is in a good position to move forward.”
In late afternoon trading, Trifast shares were 0.9%, or 2.00p higher at 220.25p
