Mechanical fasteners maker Trifast said its Automotive business has put a bit of zip into the group's performance in the last few months.
Trifast said trading since April 1st has remained consistently ahead of budget with Automotive in the UK and Mainland Europe being the predominant driver, while electronics in Asia also held up well.
The firm has seen more opportunities for introducing new customers to its newly acquired Power Steel factory in Malaysia as Trifast's international sales team continues to gain momentum in promoting high-end product capability into the Asian and ASEAN (Association of South-East Asian Nations) automotive sector.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The company has also seen an influx of new contract wins in recent months following the initial quoting and sampling activities conducted throughout Europe last year.
In recent times the company sourced two new product ranges from low-cost manufacturers and these will be strongly promoted in the second half.
In a statement Trifast said: "The business remains 'on track' with its on-going margin improvement strategy; and with many new business opportunities becoming evident as a result of our focus on intense marketing around the world over the last three years, our new challenge is providing additional and appropriate resource, especially engineering personnel, in order to leverage best advantage."
The share price rose 5.39% to 44p by 09:34.
NR
-
Bitcoin price one of the most-asked questions on Alexa - here's how to buy the cryptocurrencyAccording to figures from Amazon, which cover September 2023 to November 2024, pop star Taylor Swift and Bitcoin were named among the most popular Alexa queries of 2024
-
Investing for children this Christmas – five ideasIt might not come with a shiny ribbon, but an investment fund could be the gift that keeps on giving. We share five ideas if you are investing for children this Christmas.
