Trifast buoyant on back of overseas sales surge

BIRMINGHAM engineering group Trifast has demonstrated the importance of export business in its latest figures. Some 60% of its sales now come from outside the UK.

In its half yearly financial report for the six months ending September 30, the firm, which makes industrial fasteners, recorded underlying pre-tax profit up 52% at £3.60m on the corresponding period last year.

Its financial position has been aided by the acquisition of Malaysian rival PSEP which Trifast says is integrating well.

Revenues at Trifast were up 10.5% to £61.25m (H1 2012: £55.44m).

Trifast says margins are improving in its UK business while its European business is growing steadily.

Its US business is now profitable and Trifast says it has has “ambitious plans” for 2013.

But the star performer was TR Asia which showed 42.9% revenue growth against the corresponding period last year.

In a statement the firm said: “When we reported back in June this year, we termed our business outlook as “A World of Opportunity”, and happily, nothing has occurred since then to dull our optimism in overall group performance going forward.

“We remain mindful of the continuing macro uncertainties particularly in the Eurozone; however, the current levels of business dynamics lead management to remain confident in the prospects of the business for both this financial year and the next.”