Sales and profits down as Trifast completes new Walsall base

In the year to the end of March the group, which celebrated its 50th anniversary in 2023, saw a fall in sales and profits.

The underlying pre-tax profit before tax was down 29.8 per cent to £6.5 million and revenue fell 4.4 per cent to £233.7m.

The group's TR Fastenings factory at Waterside Park, Goldshill Way, Tipton, has been closed.

Stock from Tipton and Scotland had been moved to the new site at Reedswood Park Road earlier in the year and the move from Manchester completed in June.

Trifast says stabilisation and efficiency gains from the new centre, which is also its engineering and innovation centre, will deliver significant savings going forward.

The group saw a strong performance in the light vehicle sector in 2023-2024 with a 22 per cent increase in revenues.

Trifast launched a manufacturing facility in China with a joint venture partner to better service domestic demand in the region

Contract wins from the last financial year are beginning to feed through, and the benefits of organisational change across the Company is having a positive impact on the operational business

Chief executive Iain Percival said it had been a year of transformation for Trifast which had faced challenges.

"We delivered a resilient trading and operational performance in a challenging macroeconomic and geopolitical environment impacting our customers' demands. I am proud of our achievements, delivered through our dedicated people," he said.