Trifast confident of expectations after consistent growth
BIRMINGHAM-based fasteners manufacturer Trifast has reiterated that it remains on course to meet market expectations following a year of consistent growth.
In a trading update, the company said: “Overall, very encouraging operational performance has been achieved within what is best described as a ‘mixed’ market sector backdrop; however, Trifast’s relentless on-going focus on profit growth has been reflected in the business’ much improved cash generation, thereby underpinning the board’s confidence of achieving the KPI objectives detailed in the group’s last published Annual Report.”
It said the group had traded well within its banking covenants as net debt continued to fall since the half year stage last November.
“Since the year-end, Trifast has successfully negotiated an additional £5m, three-year revolving credit facility and increased its asset-based lending facilities to £18.3m within the UK,” it added.
Summing up, it added: “The directors and TR teams remain optimistic that the group’s structure and focus will enable further organic growth; and when combined with new business expansion opportunities, feel confident in their ability to deliver strong results through 2013/14, and into the future.
“We look forward to updating stakeholders further in June when we release the group’s annual results, and at the same time, updating on our strategic objective and goals.”
The company has also announced the appointment of Scott Mac Meekin as a new independent non-executive director.
Meekin, 55, led the expansion of US distributor, Porteous Fastener Co. between 1988-1995, before moving on to Bossard in Switzerland where he created a new logistics strategy which was implemented across the global organisation. From 1996-2009, he was CEO at Bossard Asia Pacific and concurrent to this he had a similar role with Bossard North America. From 1998 he was also a member of Bossard’s Executive Committee playing an important role in the company’s transformational initiatives which created a global industrial business.
In May 2009, he moved into a corporate environment joining with Wells Fargo as an industry advisor and in 2008, founding in partnership, Truformance Equity Partners whose focus is the SME B2B sector.
