Global Fastener News

Trifast Sees Strong Profit

Jason Sandefur

UK-based industrial fastener company Trifast announced sales for the fiscal year ended March 31 rose 1.4% to �103.8 million (US$185.5 million), while profit jumped 62% to �5.56 million. Sales were adversely affected �1.4 million by currency translation. Trifast said fully-costed gross margins rose from 24.8% to 26.% during fiscal 2005.
“We are not prepared to chase top line sales growth at the expense of our profitability,” emphasized CEO Jim Barker.
By destination, 48% of Group sales are outside the UK, with 30% to Mainland Europe, 8% to Asia and 10% to the US. Sales in the UK dipped 7.4% to �54.4 million, while sales in the Americas grew 1.8% to �9.66 million and Asia sales jumped 32% to �9 million.
Trifast’s aim is to build a major presence within the Chinese economy. “We plan to invest US$5 million in a new purpose built manufacturing facility in China over the next 3 years to support the production of over 150 million parts per month,” Barker explained.
Barker noted that the decision to manufacture in China was “essential as we look to produce operationally efficient high quality product for worldwide consumption at competitive and profitable pricing. ” When fully operational, Trifast will have the capacity to produce 1.8 billion parts per year in China.
During fiscal 2005 the company reduced debt to �5.6 million. Trifast employed 944 people at year’s end.
The company said restructuring of its North American business is starting to produce results and under the newly recruited managing and sales directors, Trifast anticipates a significant improvement in its performance during fiscal 2006.
Web: trifast.com �2005 FastenerNews.com