LONDON (Alliance News) - Trifast PLC Thursday said it is trading in line with expectations in its financial year so far, and that its profitability is improving in spite of the headwinds faced due to the strength of sterling.
The industrial fasteners maker said group trading is in line with its expectations, with all of its business units showing an encouraging performance.
In the first five months of its financial year, the company said it has seen promising organic underlying revenue growth, despite the strength of sterling in the period. It also said it has been improving its operating margins, driving underlying organic profitability, in particular in its European and Asian business. That performance, Trifast said, is offsetting any foreign exchange impact.
The group said Viterie Italia Centrale Srl, the Italian self-tapping and thread-forming screws business it acquired in May, is integrating well into Trifast and is meeting performance expectations.
Trifast said it is confident of producing a strong performance for this year and beyond. It will post its half-year results to market on November 11.
Trifast shares were up 2% to 107.583 pence per share on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Trifast (TRI)