Birmingham-based Trifast has announced encouraging group trading results, in line with management expectations.
The fastener manufacturer says its business units continue to benefit from existing and new opportunities in its key sectors of automotive, electronics, telecoms and domestic appliances.
In a statement ahead of its AGM, the company says that it has seen promising underlying organic revenue growth in the first five months of the current financial year, despite the strengthening of sterling.
Furthermore, it notes that the on-going improvement in its operating margins, especially within its European and Asian operations, exceeded any foreign-exchange impact. VIC — the company’s Italian subsidiary (acquired in May) — marks the latest step in Trifast’s expansion strategy, while also broadening its position within the domestic appliance and Tier One automotive sectors.
Furthermore, VIC brings in new customers, technical engineering skills and cross-selling opportunities.