ENGINEERING group Trifast said today it was making “steady progress” as it continued to focus on a sales-led strategy.
The fastener manufacturer, which operates a major warehouse base in Wednesbury, said its business was increasing across the UK and mainland Europe as it benefitted from a number of contract wins.
The interim management statement, covering the period since October 1 last year, added: “With sales revenue outperforming budget, we are now prioritising on margin growth.
“TR Asia is performing above budget in both manufacturing and distribution.
“Exports out of the region have been adversely affected by the strength of the Singapore dollar and Taiwanese dollar but overall growth is still encouraging.
“Group net debt remains at similar levels to that last announced at the half-year.
“Control of cash and working capital focus is key, particularly given that turnover growth is increasing our need to extend our stock range.”
Trifast said its board remained confident that, despite continued issues from freight costs and foreign exchange, it would make progress commercially and strategically throughout the year.
Preliminary results for the year ending March 31, 2011, will be announced in June.
