Trifast remaining confident after strong first half trading

FASTENERS manufacturer Trifast has said it remains unconcerned about the situation surrounding the Chinese economy and continues to chart progress in line with expectations.

The company, which has operations around the West Midlands, said that while the situation in China could impact the business, its sales into the country only accounted for around 5% of the group’s annual revenue.

It said its optimism was based around a strong order pipeline which was set to continue during the current financial year.

The group needs to continue trading positively and build on its performance in the last financial year, which was the strongest in the company’s 40-year history.

“Our growth opportunity is firmly built around the enticing knowledge that Trifast has less than 1% of the global industrial fastener market,” it said in its trading update.

“Our offering on an international scale is an attractive USP to many OEMs.  Trifast has already shown it is capable of delivering a firm trend of healthy organic growth.  However, this is not enough to maximise the opportunities available to us in what is a fragmented market sector.  

“Our search actively continues to add niche, well run businesses to the group’s portfolio which meet our criteria and support our growth plans and ambitions.”

It added that its market research indicated that global demand for mechanical fasteners would continue to grow over the next five years.  There are some macroeconomic influences (including the volatility of exchange rates) over which it has no control, however, as a business it said it remained confident in its ability to deliver its growth strategy.

The group has also reaffirmed the changes to its board following the decision by current CEO Jim Barker, to stand down.

With effect from October 1, Mark Belton will take up the role of Chief Executive Officer and Clare Foster, current Group Financial Controller, will become Chief Financial Officer and join the main board.
 
The company said it would update further when it issued its half year results on November 10.