Fasteners group cautious despite profits rise

Industrial fasteners group Trifast reported a 22% increase in full-year profits last week, claiming it had escaped the impact of the strong pound. But Malcolm Diamond, chief executive, is cautious about this year’s outlook. ‘We are not being bullish about upping the forecasts right now. We need to see a few more months before we […]

Industrial fasteners group Trifast reported a 22% increase in full-year profits last week, claiming it had escaped the impact of the strong pound.

But Malcolm Diamond, chief executive, is cautious about this year’s outlook. ‘We are not being bullish about upping the forecasts right now. We need to see a few more months before we can confirm what is going on,’ he said.

Trifast reported sales of £78.8m, up from £60.5m, with pre-tax profits up from £6.9m to £8.4m. Margins were hit by taking more, but less lucrative, work from large customers which were outsourcing.

This included more work from Compaq and Hewlett Packard, which account for almost 20% of Trifast’s turnover.

Trifast has operations in the Far East, with regional activities in Malaysia and Singapore. Diamond said factories in the Far East were busy and profitable.

The company said it was buying Lancaster Fasteners, which has an export base in France and Germany, for £2.3m. Trifast also plans to make acquisitions in the US.