Trifast PLC (LSE:TRI) saw its shares crash over 40% on Monday in response to a negative trading update and surprising directorate change.
In the update, the manufacturing group noted destocking from a key Asia customer and higher-than-expected debt levels resulting in higher interest charges.
As a consequence, the group has revised down its market expectations for the year ending 31 March 2023, with revenues now expected to come to approximately £243mln and adjusted profit-before-tax of £9mln.
The company also said its chief executive Mark Belton resigned on 18 February and stepped down from the board, leaving the company with immediate effect.
As a consequence, Scott Mac Meekin has relinquished his non-executive director responsibilities and will assume the role of Interim chief executive, it added.
Commenting on the change, non-executive chair Jonathan Shearman said: "Mark has played an important role over the last 13 years as a board member and before that as a dedicated member of the Trifast team.
“I would both personally and on behalf of the board, want to express my gratitude for the loyalty and dedication to the company and wish him well with his future plans.”
Trifast shares were changing hands at 51.22p with a market capitalisation of £68mln as of 8.40am.