6/18/2014 1:25:00 AM
NEWS BRIEFS
Trifast Reports Double-Digit Profit Increase
UK-based Trifast reported revenue for fiscal 2014, which ended March 31, rose 7% to £129.78 million. Operating profit jumped 31% to £9.41m, while net profit was £2.03m, compared with a £5.20m loss the previous year.
“The Group performed strongly last year and started the current financial year on a similar trend,” Trifast stated. “Couple this with the acquisition of Viterie Italia Centrale Srl (“VIC”) and the other underlying opportunities around, we are confident this all provides a solid base and confidence that will underpin and deliver TR’s future performance.”
Trifast acquired VIC, a central Italian fastener manufacturer and distributor, for EUR 27 million (US$37.6m) in late May.
Founded in 1964 by the Perini family, VIC manufactures and distributes fastening systems for the white goods industry, including most major OEM brands, and has recently expanded into automotive lighting fastening components. Web: vic.it
VIC reported sales of EUR 27 million in 2013, generating profit before tax of EUR 5.4 million.
Trifast expects to expand VIC in Europe and into Asia and the U.S.
The acquisition boosts Trifast’s market share of the domestic appliance sector, plus it gains a competitive alternative manufacturing source within Europe, allowing Trifast to cut lead times and transport costs.
During fiscal 2014, 40% of Trifast revenue came from multinational OEMs.
Trifast claimed “strong performance across the globe.”
“Organic growth ‘hotspots’ developing across Asia, Europe and US, whilst our ongoing ‘self-help initiatives’ continue to make material improvements around the business, particularly gross margins.”
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Related Links:
• Trifast
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