Trifast PLC, an international specialist in industrial fastenings, released its annual report and financial statements for the fiscal year ending March 31, 2024. The report highlights the companys financial performance, strategic direction, and future outlook. Trifast experienced a challenging macroeconomic and geopolitical environment, but delivered resilient results with an underlying operating profit of £12.7 million, slightly higher than expected. The companys revenue declined by 2.7% to £237.9 million due to volatile demand and customer destocking. However, gross margin improved to 25.5%, and the company made significant progress in managing working capital, reducing net debt, and driving profit initiatives. Trifasts new strategy focuses on creating a high-performing, resilient business with a strong culture, aiming for EBIT margins >10% and ROCE of >12%. The companys transformation journey is divided into three phases: Recover, Rebuild, and Resilience. Trifasts Board remains confident in the future outlook and expects measurable progress in profitability, cash generation, and ROCE in FY2025. The report also includes financial statements, a summary of geographical operating segments, and revenue by sector.