Trifast operations boosted by auto growth
BIRMINGHAM fasteners manufacturer Trifast has said the healthy state of the global automotive industry has helped to boost its UK and overseas operations.
In an interim management statement for the period from October 1, 2013 to date, the firm said it had also benefited from its new ‘self-help’ focus and if the recovery continued in its present trend then the business would look to grow through acquisitions.
“The directors are pleased to report that a combination of the recently well publicised automotive dynamics in the UK, US and China, our own ongoing ‘self-help’ focus and the improving macro-economic sentiment are resulting in the group’s divisions in Asia, Europe and the US trading strongly,” said the statement.
It said its balance sheet remained strong, cash collection continued to be effective and group gearing was modest.
As customers and markets continue to make strides in technological advancements, the firm said it would also look to add further value to its offering through enhanced engineering design and technical capability matched by complementary products that met the “requirements, demands and aspirations of our global customers”.
“Our teams also continue to identify and create new business opportunities within our key markets which further enhance our confidence going forward,” added the statement.
“Beyond our teams’ organic growth initiatives, one of our objectives remains to be a ‘strategic consolidator’ and as such, the group continues to actively investigate suitable acquisitions to add geographic coverage, product range and customers to the Trifast footprint.”
