LONDON (ShareCast) - Industrial fastener and components group Trifast (LSE: TRI.L - news) has binned its final dividend in view of difficult
trading conditions and the need to conserve cash.
The company, which issued a profit warning in February and saw its chairman and chief executive quit in March, suffered a pre-tax loss of £11m in the year to 31 March 2009, compared to a pre-tax profit of £6.81m the year before.
Adjusted pre-tax profit, which excludes impairment and restructuring charges, amortisation and a settlement claim, fell to £2.54m from £8.99m.
Revenue fell 12.9% to £104.9m from £120.4m a year earlier, which the company attributed to the economic slowdown across all the industry sectors and geographic areas in which the company operates. The automotive sector has been especially hard hit to the detriment of the performance of the company’s UK, Swedish and Taiwanese operations.
On a brighter note the company said that enquiry levels are increasing as customers seek to replenish inventory after running down stock levels.
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