Industrial fastenings manufacturer Trifast has enjoyed another strong year of growth, with a 5.8 per cent increase in revenues at CER and 5.7 per cent at Actual Exchange Rate (AER) to £209m for the financial year 2019.

Trifast specialises in the engineering, manufacturing and distribution of high-quality industrial fastenings to major global assembly industries. The company has 32 business locations within the UK, Asia, Europe and the USA, including a site in Wednesbury.

The end markets that its products are used in are the automotive, electronics and domestic appliances sectors. Its customers are a mix of multinational and national companies and distributors across the world.

Trifast’s latest acquisition, Precision Technology Supplies (PTS), has enjoyed a successful first year with the group and contributed a further 3.6 per cent of growth to the top-line but the company’s largest source of organic growth continues to be from multinational Tier 1s in the automotive sector. A strong global automotive sales growth of 6.4 per cent was recorded in the last financial year.

Despite a reduction in global manufacturing volumes, Trifast continues to successfully win market share around the world via new platform builds. It has maintained gross margins in line with its 30 per cent target regardless of the impacts of anticipated purchase price inflation in the UK and the upfront costs of the group’s ongoing investments into manufacturing capacity in its European region.

Company directors are optimistic about continued progress and growth over the coming financial year despite the potential implications of Brexit and the continuing trade tensions between the US and China.

The board is confident in its strategy, its team and the group’s flexibility to adapt to change.