Trifast tumbles despite surging sales

16th Feb 2011 11:37

Industrial fastenings firm Trifast says it is still on course to make good progress this year despite the headwinds of increased freights costs and unfavourable exchange rate movements. The shares took a knock, however, dipping as low as 38p at one stage on Wednesday, down 8.75p on the day, before recovering somewhat. Within the UK and mainland Europe, Trifast's business is increasing with the company benefiting from a number of new contract wins that have started to come on-stream. "With sales revenue outperforming budget we are now prioritising on margin growth," the company said.The Asian division is performing above budget in both manufacturing and distribution, but it is here where the exchange rate movements are proving a problem. Exports out of the region have been adversely affected by the strength of the Singapore dollar and Taiwanese dollar, but overall growth is still encouraging, the company said.