On 16th February 2017 Trifast Plc issued an unaudited Quarter 3 trading update, reporting continued strong performance on a constant currency basis across the Group’s main geographic areas of operation.
TR’s Asia business returned to growth as it began to benefit from the anticipated recovery in demand, both in domestic and export markets, in the second half of the financial year, which ends 31st March. UK and USA operations continued to produce results in-line with management expectations. Within Europe, the business overall has performed solidly and continues to deliver year-on-year growth although TR is seeing a slight change in the product mix. Trifast also reported an encouraging start at its newest greenfield operation based in Barcelona, Spain.
More than 70% of TR revenue is generated outside the UK. In 2016 British Sterling was down around 15% against currencies relevant to the Group’s businesses. TR reported translational foreign exchange tailwinds of around GB£1 million at the half year. Sustained British Sterling weakness has had a further positive translation impact on Group revenues and underlying profit. The report notes, however, that TR’s UK business may start to experience some challenges in terms of input costs.
Trifast employs around 1,200 people across 27 global locations including the UK, Europe, Asia and the USA.
Will joined Fastener + Fixing Magazine in 2007 and over the last 15 years has experienced every facet of the fastener sector - interviewing key figures within the industry and visiting leading companies and exhibitions around the globe.
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