Trifast on track to meet full year expectations
BIRMINGHAM-based fasteners manufacturer Trifast has said it is on track to meet full-year expectations after a solid performance by group operations.
The firm said that overall, trading had been good with organic revenue in the third quarter slightly ahead of the same period last year. A focus on quality of earnings and margin enhancement has also resulted in positive Q3 profit growth.
PSEP Malaysia, acquired at the end of 2011 has integrated well and the final payment of £1.4m was paid to the previous owners in December.
In a full-year update, the group said it continued to trade well within its banking covenants and there had been no significant change in its financial position since the half-year.
“Consequently, whilst some top line growth has been deliberately constrained, profitability for the group is on track to meet market expectations to March 31, 2013, thus completing another year of consistent growth,” it said.
The firm has also announced a realigning of its senior management with executive director Seamus Murphy stepping down from the board in line with previously agreed proposals.
“The board and operational management teams are optimistic for 2013 and beyond with regard to the group’s structure and further improving organic profitability; and combined with new business expansion opportunities, the management feel fully confident in their ability to deliver a satisfactory result at the year end. We look forward to updating stakeholders throughout the year on the company’s progress,” it said.
