Trifast continuing to see new business opportunities
ENGINEERING group Trifast has said it is continuing to see opportunities for business despite the uncertain economic climate.
In a trading update covering the period between April 1 and June 30, the board of the Birmingham based fasteners company said it had been encouraged by the performance of the business, which has experienced a growth in revenue compared with the same period last year and a solid increase in profitability.
“Even with the traditionally quieter weeks of summer and the potential fragility of some economies and industries, we are continuing to witness further business opportunities in our key market sectors,” said the update.
It said its business models in both Europe and Asia were now well defined and firmly established. This year, the group is looking to consolidate and then grow its customer support and logistics operation in the United States.
It plans to do this by implementing a restructure of its business teams in order to separate OEM sales and distribution into a new warehouse in Houston, and its Branded Products team into a new warehouse just outside Boston.
Looking ahead, the group said its focus during the remainder of the financial year would be on: selective contract price increases, improved sourcing, growth of its Branded Products and TR Direct (transactional sales) operations and an increased sales focus in the USA and China.
“As a board, we are delighted to report there has already been progress in all these areas which has had a positive impact not only on our teams around the globe but also on some of our key financial KPI objectives,” said the firm in its update.
“Continued focus on working capital management to support growth has ensured net debt remains at similar levels to those reported in our 2011 published Report & Accounts and is in-line with management expectations.
“Building from a firm foundation and given this positive start to the year, the directors remain confident about Trifast’s prospects and look forward to updating shareholders further on its performance at the half-year stage.”
