Trifast trading gets boost from Automotive

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.

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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