LONDON (Alliance News) - Trifast PLC on Wednesday said its trading in the first five months of its financial year has been encouraging and in line with its expectations, as it confirmed a series of changes to its management team.
In a statement ahead of its annual general meeting, the maker of industrial fasteners for the automotive, electronics and telecoms and domestic appliances markets said that while the slowdown in the Chinese economy may hit global markets, its sales within and into China only represent about 5% of its annual revenue.
Trifast said its pipeline is strong and is remains confident on its future growth prospects, adding its commercial progress appears set to continue in the financial year to the end of March 2016.
In addition, the group confirmed Mark Belton will become its new chief executive officer, taking over from Jim Barker, who announced in June that he would be stepping down at the end of September. Belton moves from his role as finance director and will be replaced by Clare Foster, who steps up from financial controller.
Trifast shares were untraded early Wednesday, having last traded at 114.00 pence.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Trifast (TRI)