Trifast confident of meeting full year expectations

Trifast

Fasteners manufacturer Trifast has said it remains confident of meeting full year expectations.

In a Q3 update, the group said its global order pipeline was very encouraging and its balance sheet remained strong with capacity to fund further growth.

It said the global dynamics of the business continued to match management expectations in relation to revenue, margins and other KPIs across all its teams in the UK, Europe and Asia.

It said it was especially pleased that its US operation continued to recover following the impact of Hurricane Harvey last year.

“The consistent levels of progress over recent years, coupled with our future growth and significant investment plans future proof the business and ensure Trifast can meet the demands of its multinational OEM customers therein turn, building long term shareholder value,” it said.

The company, which has an operation in Wednesbury, said the capital investments it had made in its manufacturing operations in Italy and Taiwan were already delivering ongoing benefits, while the expansion of its Singapore facilities was on track with phase one expected to complete by the end of the financial year.

The project to develop and integrate its existing IT infrastructure, which it initiated last year, is continuing and will meet customer requirements, it added.

It said it also continued to evaluate acquisition opportunities.

Despite Brexit challenges, it said it had the flexibility and foresight to continue to grow.

“Accordingly, the board remain confident that the group will deliver its expectations for the year ending March 31, 2018 when it reports in mid-June 2018,” it said.

The group’s next trading update will be in mid-April.

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