- Industrial fastenings supplier Trifast booked a fall in underlying annual profit after the pandemic hit sales.

Pre-tax profit for the year through March actually increased to £7.8 million, up from £3.0 million year-on-year, when profit was dented by impairment charges.

Underlying pre-tax profit fell 25% to £11.0 million as sales fell 6% to £188.2 million.

Trifast hiked its annual dividend to 1.6p per share, up 33% year-on-year.

Chief executive Mark Belton said the business had exceeded pre-Covid-19 revenue levels of trading in the second half, with demand continuing to grow.

'However, we are mindful of the ongoing logistical challenges and pricing pressures that have continued to impact the global industrial supply chain environment,' Belton said.

'These have included the well-publicised semi-conductor shortages affecting automotive customers, container freight issues, as well as a global shortage of steel, causing pricing and significant lead time pressures.'

'We are working closely with affected customers and suppliers to appropriately manage this; however, we do expect to see some impact on buy/sell margins and a potential build back of inventory levels at least in the shorter term.'

'There will of course be challenges ahead and impacts in the short term on margins, including as we continue to invest for growth.'

'However, we feel confident that we have the appetite, skills, and structure to meet any challenges head on and to react quickly to change as well as seizing opportunities.'

'As we drive the benefits from our strategic initiatives, we look forward from FY2022 to margin improvement and realisation of our exciting medium-term aspiration.'

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