Industrial fastenings maker Trifast (TRI) gains 5.8% to 88.1p as a positive pre-close trading update prompts earnings upgrades.

The company says results for the year to March 2014 - scheduled for mid-June - will be exceed market expectations. It attributes the uplift to an improved macro backdrop and increased demand. The benefits of this increased demand have been seen across most of its operations but particularly its automotive business. Trifast adds it expects to conclude the year with no net debt and says it will 'pursue opportunities' to add to its geographic footprint and product range through acquisitions alongside organic growth initiatives.

Today's upwards move extends the re-rating of the stock that has driven the share price 57.1% higher during the last 12 months, their highest level in almost 13-years.

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N+1 Singer upgrades earnings per share forecasts for March 2014 and March 2015 by 7% apiece to 5.8p and 6.2p respectively, reiterates its buy recommendation and ups its price target from 89p to 100p. Analyst Jo Reedman comments: 'We see the group as one of the stronger beneficiaries in the sector of the healthier industrial backdrop. This is complemented by its efforts to win and penetrate multinational clients and to expand its margins through buying and efficiency gains.'

Singer is not alone, analysts at broker finnCap boost their own EPS forecasts by 5% for both March 2014 and March 2015 - to 5.8p and 6.1p respectively, retaining its buy advice to clients and hiking its price target from 90p to 95p.

Shore Capital is also a buyer, although its forecast upgrade is less steep, by just 1.9% to 5.9p for the year just closed and leaving its March 2015estimate at 6.3p. Shore Capital remains concerned about 'currency headwinds and the need to increase capex and turnover investment'.

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Issue Date: 15 Apr 2014