8/8/2012 1:01:00 PM
NEWS BRIEFS
U.S. & EU Sales Boost Trifast Revenue Growth
Trifast reported overall revenue grew 6.1% to £112.51 million in the fiscal year ended March 31, 2012. The increase included 2.7% organic growth, along with a £3.56 million contribution from the group’s Malaysian acquisition PSEP, completed in December 2011.
“This demonstrates a good all-round reported performance, and was achieved against a softening in demand in our Q3 period when we witnessed a mix of customer de-stocking in Europe/USA on the back of ongoing EuroZone concerns, and customer schedule changes in Asia following the Thai floods that occurred in September 2011,” the company stated in its annual report. “However, the last quarter of the financial year (Q4) saw a return to more encouraging volumes and sales, and we completed the year with a strong performance.”
Revenue in the U.S. and Europe grew a combined 9.8% to £23.61 million, with UK sales rising 1.1% to £57.78 million. Sales in Asia increased 13.4% to £31.12 million on the strength of PSEP results.
Profitability rose 32.6% to £5 million, with pre-tax profit (excluding PSEP) up 17.4% to £4.42 million.
Trifast’s workforce totaled 1,029 at the end of March.
During fiscal 2012 Trifast successfully restructured its U.S. operations. The group said its new Houston hub is “trading profitably.” ©2012 GlobalFastenerNews.com
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