22nd Oct 2024 18:20
Trifast PLC - East Sussex, England-based maker of industrial fastenings - Expects revenue to fall around 3.1% in the first half its of financial 2025, ended September 30. This reflects "softer demand conditions in several end markets" and was in line with management expectations. Trifast says it is on track to achieve phased cost savings of around GBP3.0 million from its operational improvement programme, which includes a 10% reduction in non-operating headcount, and the completion of consolidating UK facilities into the National Distribution Centre in the West Midlands.
Trifast expects subdued demand to continue in its second half, due to "ongoing global macroeconomic and geopolitical uncertainties". Its expectations for the year due to end March 31, 2025, are unchanged, and it cites market forecasts of GBP238.5 million in revenue and GBP15.0 million in adjusted earnings before interest and tax. This would represent a 2.1% increase in revenue from GBP233.7 million in financial 2024.
Current stock price: 77.60 pence, closed 0.5% lower in London on Tuesday afternoon
12-month change: up 5.7%
By Emily Parsons, Alliance News reporter
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