Strong rebound drives revenue increase for fasteners manufacturer
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Fasteners manufacturer Trifast has reported a robust order pipeline and demand from all sectors as revenues bounced back to pre-pandemic levels.
The company, which has an operation in Wednesbury, said it saw a strong rebound in Q1 and solid Q2 growth. Its half-year revenues increased 31% to £106.4m – and back above the level achieved two years ago – while underlying pre-tax profits were £7.3m, up from £4m.
In September Trifast acquired North American specialist fastenings distributor Falcon Fastening Solutions for £6m, describing the deal as a successful first step on its acquisition-led North America expansion strategy.
Chief executive Mark Belton said: “Demand across all sectors is strong and our order pipeline has never been higher.
“Increasing opportunities for expansion into key emerging technologies continue to fuel growth, supplemented by new contract wins across a range of existing and new multinational OEMs/Tier 1 customers. Our global price increase programme will pass-through cost inflation and we expect revenues to increase and gross margins to normalise in Q4 as a result.”
Non-executive chair Jonathan Shearman added: “There really has never been a more exciting time for the group.
“We believe that the combination of our reputation for ‘Trusted Reliability’, our loyal and established customer base and our balance sheet strength put us in a great position to make the most of both the organic and acquisition opportunities that surround us.”