Fastenings manufacturer enjoys strong first half

Fastenings manufacturer Trifast has reported a strong first half with ongoing investment across all its regions.

For the six months to September 30, 2017, group revenue rose 9% to £97.8m (H1 2016: £89.7m), with underlying pre-tax profit up 9.7% over the period to £10.9m (H1 2016: £9.9m). Basic earnings per share rose 22.2% to 6.72p (H1 2016: 5.50p), with the interim dividend up 10% to 1.10p (1.00p).

It said: “The board and management team have concluded, that in our view, global market demand will remain dynamic, and so we have increased our focus on our customers and our supply chain, including our pricing negotiations with key suppliers.

“This is coupled with our ongoing forward investment in plant and machinery, automation and people skills.

“Our strong first half results, together with a robust balance sheet, good access to banking facilities and a proven track record of profitable investment, means the group is in a great position to keep moving forward.

“The second half has started well and, with a robust pipeline in place, the board remain confident of delivering its expectations for the current financial year.”

In the UK, it said it had seen good growth in what is a mature market, up 4.1% to £35.4m (H1 2017: £34.0m).

Despite turbulence posed by Brexit and raw materials prices, the group said its global operations – which generate 70% of revenue – were helping to insulate the business from the economic fallout.

“The board remains confident we have the flexibility and foresight to continue to grow, while facing any challenges head on as and when they arise,” it added.

The group, which has an operation in Wednesbury, engineers, manufactures and distributes industrial fastenings to major global assembly industries. Key sectors are automotive, domestic appliances, electronics and distributors.

The group employs around 1,200 staff in 28 global locations across the UK, Europe, Asia and the USA.