Strong automotive sector continues to benefit Trifast
BIRMINGHAM manufacturer Trifast has said that group trading remains encouraging and is in line with management expectations.
The fasteners company said its business units continued to benefit from existing and new opportunities in its key sectors particularly, automotive, electronics/telecoms and domestic appliances.
In a statement ahead of its AGM, the company said that in the first five months of the current financial year, it had seen promising underlying organic revenue growth, despite the strengthening of Sterling.
“Moreover, the board is pleased to note the ongoing improvement in the group’s operating margins which is driving Trifast’s underlying organic profitability, especially within our European and Asian operations that exceeds any foreign exchange impact,” it said.
“VIC, our Italian acquisition completed on May 30, 2014, is integrating well into Trifast and its performance is meeting our expectations. VIC marks the latest step in our expansion strategy while also broadening our position within the domestic appliance and Tier 1 automotive sectors.
“It also brings new customers, technical engineering skills, cross selling opportunities and gives Trifast greater penetration into our expanding network of multinational customers.”
It added that the board remained confident in its aim to deliver another strong performance both in the current year and beyond.
The company’s interims will be announced on Tuesday November 11, 2014.
