LONDON (Alliance News) - Mechanical fasteners business Trifast PLC Tuesday said the results for its last financial year are expected to exceed market expectations after benefiting from improving macro-economics and demand from manufacturing output across its customer base, particularly automotive.
In a pre-close statement ahead of its results for the year to end-March the company, which manufactures and distributes industrial fasteners and category "C" components, said its balance sheet remains strong, while cash management continues to be highly effective. As a result the firm expects to enter the new financial year with no net debt.
"With our motivated operational teams continuing to identify and create new business opportunities within our key markets this further underpins our confidence going forward," the firm said.
Trifast said it is actively pursuing opportunities to add to its geographic coverage, product range and customers.
The firm will publish its full-year results in mid-June.
The stock was trading at 88.00 pence Tuesday morning, up 4.75 pence or 5.7%.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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Trifast (TRI)