Trifast FY10 Losses -75%, Makes Several Board Appointments

16th Jun 2010 07:27

LONDON (Dow Jones)--Trifast PLC (TRI.LN), a manufacturer and distributor of industrial fastenings to the assembly industries, Wednesday reported a 75% decline in pretax loss for fiscal 2010 and strengthened its main board with several appointments. MAIN FACTS: -Revenue for the year ended March 31 GBP85.94 million (2009: GBP104.9 million) -Adjusted EBITDA GBP2.13 million (2009: GBP4.55 million) -Pretax loss GBP2.8 million (2009: GBP11 million) -Adjusted pretax profit 0.92 million (2009: GBP2.54 million) -Diluted loss per share 2.57 pence (2009: loss 17.98 pence) -Operating cash generation GBP3.91 million (2009: GBP5.91 million) -Net debt GBP4.68 million 92009: GBP8.40 million) -All business units profitable -No dividend payment -Trading in Asia buoyant in manufacturing and distribution, while U.K., Europe and the U.S. are beginning to recover -Appoints Mark Belton Group Finance Director; Seamus Murphy, Director of Operations, HR and IT; Glenda Roberts, Group Sales Director; Roberto Bianchi Director of Sourcing; Keith Gibb SD TR Branded Products; and Ian Carlton Director of Quality -To focus on sales-led with margin improvement, control on costs and working capital, debt reduction and generating cash -Expects to make further progress during current year as it implements "Phase 2" of growth strategy and -Confident about being on target with its three-pronged strategy and stated objective to return the business back to stronger levels of profitability -Shares on Tuesday closed at 31.5 pence, valuing the company at GBP26.9 million. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, [email protected] (END) Dow Jones Newswires June 16, 2010 02:27 ET (06:27 GMT)