2/16/2011 3:56:00 PM
NEWS BRIEFS
Trifast Reports ‘Steady Progress’ as EU Sales Rise

Trifast continues to make “steady progress” on a “‘sales-led’ strategy strongly underpinned by our determination to continue to develop the areas of ‘self help’ still available to us within our logistics efficiencies, purchasing, stock and vendor management.”

 

Sales in Europe continue to increase, with new contracts adding to top-line growth. 

“With sales revenue outperforming budget we are now prioritising on margin growth,” the company stated.

TR Asia is performing above budget in both manufacturing and distribution. 

“Exports out of the region have been adversely affected by the strength of the Singapore dollar and Taiwanese dollar, but overall growth is still encouraging.”

 

Group net debt remains at similar levels to that last announced at the Half-year. 

 

“Overall, given the solid trading position and the number of initiatives and opportunities identified, the Board remains confident that despite continued headwinds from both freight costs and foreign exchange Trifast will continue to make good progress both commercially and strategically throughout 2011.”

The company will report preliminary results for its fiscal year ending March 31 some time in June.

In November UK-based Trifast reported six-month revenue for the first half of fiscal 2010 rose 13% to £52.04 million. By territory, Asia increased by 20%, UK 14% and remainder of its markets remained at last year’s levels.

 

Gross margins at the half-year improved to 25.8%, against 24.4% at March 2010 and 24.6% in the comparable period last year. Trifast operating profit more than tripled to £1.99m. ©2011 GlobalFastenerNews.com

Related Stories:

• Alcoa Fastening Systems Strengthens Presence With McKechnie Acquisition

• Bossard Rolls Out Record Results

• Widespread Sales Growth in 2010 Recovery

Related Links:

• Trifast