A FASTENINGS company has played down Brexit fears as bosses target a record-breaking year.

Trifast says strong trading has helped surmount the tumbling pound caused by EU uncertainty.

The business runs a plant in Newton Aycliffe, County Durham, under its TR Fastenings banner which oversees supply of products such as nuts, bolts, washers and screws.

According to its latest financial results, released yesterday, demand for such wares has remained strong despite hesitancy caused by Brexit.

Officials say the business has been helped by its international presence, with more than 70 per cent of sales coming from outside the UK.

They added a prolonged weakening of sterling in the short-term would also help revenue and profits, though did confirm any longer term dip could affect costs across UK operations.

However, Malcolm Diamond, executive chairman, said the company was firmly upbeat, with a strong financial base giving confidence for the future.

Referring to its progress in the third quarter, he said: “The current financial year remains a positive one for the business and strong trading keeps us on track to achieve another record-breaking year.

“UK operations continue to produce results in line with expectations and within Europe the business continues to deliver year-on-year growth.

“We cannot fully mitigate current global macro-economic and political factors or any potential impact from Brexit on the UK economy in terms of trading dynamics between the UK and European single market.

“Nevertheless, the board remains confident our experienced teams and geographical cover will give us the flexibility and foresight to meet these challenges head on.

“The balance sheet remains robust and we are optimistic.”

The company last year revealed plans to take advantage of robotic vehicles’ evolution.

Bosses said car makers’ forays into self-driving battery models, such as Google’s autonomous city car project, was an opportunity to take advantage of untapped riches for its goods as manufacturers unfurl next-generation designs.

At the time, Glenda Roberts, Trifast’s global sales director, told The Northern Echo that the company was continuing to build its presence in Aycliffe, where it employs a number of people across sales, logistics and technical support.

She said the business, which previously supported manufacturers Black and Decker and Electrolux in the region, was benefiting from its focus on automotive work.

She said: “We have been at Aycliffe for more than 20 years and are there because we were close to Black and Decker and Electrolux.

“However, we have pushed on with automotive and gone for it in a big way.

“We are now one of the major suppliers in the area and it’s a great success story for us.

“We have re-invented ourselves in the North-East.”