Group revenues climb 28% at Trifast
GROUP revenues at industrial fastening company Trifast have climbed since the start of the new financial year.
In an interim management statement published today, the company, which has which has a distribution centre in Waterside Park in Wednesbury, said year-on-year revenues were up by 28% for the three months ended June 30, 2010.
Gross margins remained at levels similar to those in the second half of the last financial year, it added.
In June, the firm announced a fall in pre-tax profits for the full year ending March 31, 2010, from £1.62m to £0.92m.
Trifast’s trading business TR Fastenings is an international manufacturer and distributor of industrial fastenings to the assembly industries, with operations in Europe, Asia and the Americas.
The interim statement, which covers the period April 1 to August 9 2010, added: “We have continued to witness an improvement in trading and business opportunities despite some caution still prevailing across certain global economies.
“TR Asia remains buoyant in terms of both manufacturing and distribution. Due to increasing manufacturing demand and visibility the board has authorised the restoration capital expenditure in this region.
“The group’s focus remains ‘sales-led’ with margin improvement whilst retaining its tight control on cash as the business starts to build up stocks profiled to new customer requirements.
“The directors remain confident that Trifast will continue to make good strategic progress throughout the remainder of the financial year.
“However, the group continues to be mindful of the number of external macro-factors which could slow global and UK economic recovery such as the significant increases in freight and raw material costs.”
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