Fasteners manufacturer Trifast predicts results hike
BIRMINGHAM fasteners manufacturer Trifast has said it is set to enter the new financial year debt free and with a strong focus on building up new business, aided by improving economic conditions.
In a trading update, the firm said: “The directors are pleased to report that the business is continuing to benefit from the improving macro-economics and demand from manufacturing output across (Trifast) TR’s customer base, in particular automotive; these trends are reflected across most of the group’s operations.”
It said that as a result of this, the group was likely to report financial results for the year ended March 31, 2014 above market expectations.
“TR’s balance sheet remains strong; cash management continues to be highly effective, as a result, management expect the business to enter the new financial year with nil net debt. With our motivated operational teams continuing to identify and create new business opportunities within our key markets this further underpins our confidence going forward,” it added.
Beyond organic growth initiatives, the group said it was continuing to pursue opportunities to grow the business in new territories by adding new product and customers to its existing footprint.
“We look forward to keeping all stakeholders updated with our progress,” it added.
Trifast’s preliminary results for the year ended March 31, 2014 are scheduled to be announced in mid-June.
