LONDON (ShareCast) - Industrial fastener and components group Trifast said it reduced full year losses by 75% as it outlined several board changes.

The group posted a pre-tax loss of £2.8m in the year ended 31 March 2010 compared to a loss of just under £11m the year before. Revenue for the year fell to £85.94m from £104.9m previously.

The group noted a, "recovering optimism coming through from customers and key TR sectors." Trading in Asia was buoyant in manufacturing and distribution, while its markets in UK, Europe and the US are starting to recover.

Net debt was trimmed back to £4.68m from £8.40m in 2009.

The group also announced a number of new board appointments, including Mark Belton as Finance Director. Seamus Murphy has been named director of operations, HR and IT and Glenda Roberts has been appointed group sales director.

Trifast said it will focus on margin improvement, cost controls, working capital, debt reduction and generating cash. It expects to make further progress during the current year as it implements "Phase 2" of growth strategy.

"We are confident that TR remains on target with its three-pronged strategy and stated objective to return the business back to stronger levels of profitability."

No dividend payment has been recommended.

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