26th Sep 2018 14:17
LONDON (Alliance News) - Trifast PLC on Wednesday said it is on track to deliver annual results in line with expectations following a solid start to the year and progress made on its investment plan.
The engineering components supplier said it saw a solid revenue growth in the first five months of is current financial year across all of its regions.
Across both Asia and Europe, the company experienced high demand for its products. Although relatively small, the company's US region is growing exceptionally well, it said, driven by increasing electronics and automotive sales.
Meanwhile, in the UK, Trifast has seen a solid performance, with the only exception being UK automotive market, where volumes were temporarily hampered by diesel-led transitory reductions and changes to product cycles and model builds.
Looking forward, the company said it intends to continue to invest it its business locations and workforce. The company said its recent warehouse expansions in the US, Holland and Shanghai supported the strong growth across these sites.
In addition, Trifast said it progresses on its multi-year investment programme, which is expected to transcend the company from being a "leading international company" into a "truly world-class global industrial player".
"Overall, our business is in good shape and the current trading levels, our ongoing investments and our strong pipeline make this an exciting time for the group," Trifast said in the statement.
"As ever, we continue to search out acquisition opportunities to add further value to our customer offering and global footprint," added Trifast.
The company plans to announce its half-year results on November 13.
Shares in Trifast were trading 0.2% higher on Wednesday at 227.00 pence each.
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