Manufacturer forecasts above-expectation results after strong trading
Fastenings manufacturer Trifast has cheered shareholders by forecasting full year results ahead of the board’s expectations.
The company, which has a large presence in Birmingham, said it had seen strong trading with organic growth across all regions.
Key sectors such as automotive, domestic appliances, electronics and distributors were all strong, it said in a full year update.
“The group has delivered a very encouraging and excellent performance that will deliver trading results for the financial year ended March 2017 ahead of board forecasts,” it said.
Looking ahead, the board said it was confident that both its experienced business teams and its wide geographical coverage would give it the ongoing flexibility and foresight to meet future opportunities as well as insulate it from macroeconomic and political challenges.
“As reported previously, we are already starting to see some purchase price challenges in our UK business from the ongoing weakness in sterling and we remain mindful these pressures may increase over time if that weakness persists,” it said.
“Nonetheless, as we enter this new financial year, we remain confident in our prospects, underlying growth performance and capital investment objectives.”
It said that within Asia, its business continued its return to growth, building on the profitable return achieved in the first half where it benefited from the recovery in demand both in the domestic and export markets for industrials, electronics and automotive.
Within the UK, it said it had experienced good growth coming through from both its OEM and distributor export businesses. The operation in the United States, although small, produced double digit growth with trading results in line with management expectations.
Within Mainland Europe, the business overall again performed well delivering year-on-year growth. It said its German business (Kuhlmann) benefited from both organic and cross-referral opportunities from around the Trifast network.