Manufacturing group Trifast has posted a seven per cent rise in group revenue as it continues to eye more acquisitions.
The company, which designs, manufactures and distributes fastening systems, said today group revenue had risen to £129.7 million (2013: £121.5 million) in the year to 31 March 2014.
This climb underpinned a rise in operating profit to £9.4 million (2013: £7.16 million) and pre-tax profit to £8.87 million (2013: £6.44 million).
Trifast, which has a major operation at Waterside Park in Wednesbury, recently acquired Viterie Italia Centrale in a bid to enhance its European footprint and said today it planned to continue on the acquisition trail.
The annual statement said: "Whilst pleased with this year's organic growth results, we have openly expressed our objective to accelerate expansion by strategic acquisitions.
"We have also committed to applying strict criteria to the structure and current/potential performance of selected targets.
"Although, at any one time, there is always at least one target under scrutiny, our selectivity clearly restricts our commitment to finalising a transaction.
"However, there are sufficient opportunities in our market for us to remain confident that continuing our search remains entirely legitimate.
"This search for the 'right' acquisition has been highly active over a two-year period since acquiring PSEP in Malaysia at the end of the 2011 calendar and post the financial year end culminated in extending our business through the acquisition of Viterie Italia Centrale in Italy."
Referring to the annual results, the statement added: "The group performed strongly last year and started the current financial year on a similar trend.
"We are confident this all provides a solid base and confidence that will underpin and deliver Trifast's future performance."
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