Industrial fasteners manufacturer Trifast delivered a confident assessment of prospects on the back of a 14% improvement in organic profits last week.
Profits climbed 11% to £5.1m, despite difficult conditions affecting some of the group’s customers. Sales rose 24%, reflecting strong performance in Asia, the US and the UK.
Chief executive Malcolm Diamond said a buoyant start to the year was feeding through in levels of new business. The group is expected to allocate £3.5m to capital expenditure in the full year.
Diamond said further improvements had been held back by key customers delaying the adoption of new logistics contracts until early 2000. But these businesses were embryonic, so the effect had been minimal, he added.