2/7/2013 11:21:00 AM
NEWS BRIEF
Trifast chairman Malcolm Diamond, left, with chief executive Jim Barker
Director Steps Down
Trifast Group announced that executive director Seamus Murphy stepped down from his board position at the end of January and will leave the company by the end of March.
Seamus joined the business in 2005 following the acquisition of Serco Ryan and was appointed to the board in 2010.
UK-based Trifast Group reported “solid” organic revenue in the third quarter of fiscal 2013, and is projecting it will meet its full-year expectations for sales and profit.
The company said PSEP Malaysia, which it acquired at the end of 2011, has integrated “well,” with Trifast completing its final payment of £1.4 million in December.
“Whilst some top line growth has been deliberately constrained, profitability for the Group is on track to meet market expectations to 31 March 2013, thus completing another year of consistent growth.”
The company’s board is “optimistic” for 2013 about the Group’s structure and further improving organic profitability.
“Combined with new business expansion opportunities, the Management feel fully confident in their ability to deliver a satisfactory result at the year end.”
Trifast revenue grew 10.5% to £61.25 million in the first six months of financial 2013, with profit soaring 52% to £3.60 million. ©2013 GlobalFastenerNews.com
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