- Industrial fastenings manufacturer Trifast booked an 11% fall in annual profit as rising sales was offset by increased spending on IT and operating processes.

Pre-tax profit for the year through March fell to £16.4m, down from £18.5m on-year.

Revenue rose 5.7% to £209.0m and underlying profit, which stripped out the investment costs, rose 5.9% to £23.5m.

Trifast declared an full-year dividend of 4.25p per share, up 10% on-year.

The company had initiated a investment programme called Project Atlas, which involved £15.0m of multi-year spending on the integration and development of IT infrastructure.

'The group has continued to perform well across all our regions, delivering another year of strong growth,' chief executive Mark Belton said.

'Trifast has delivered a solid performance and the directors remain optimistic about the progress the business will make over the coming financial year.'

'Despite the potential implications of Brexit and the continuing trade tensions between the US and China, the board remains confident in its strategy, its people and the group's flexibility to adapt to change.'

At 8:28am: [LON:TRI] Trifast PLC share price was -9p at 226p

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