Trifast (LSE:TRI) shares jumped 11% higher as the nuts, bolts and screws maker said its profits in the year to March 2023 would exceed earlier expectations due to organic growth and ‘pricing actions’.
The company said the numbers would still be ‘disappointing’ but actions taken to rectify the problems had seen encouraging results while contract wins in the year to March were a record.
The group was hit hard by one big customer in Asia destocking and while this pressure had eased Trifast said it was mindful of the difficult backdrop currently.
Even so, it added, the new contract wins and a healthy pipeline together with the benefits from operational improvement programmes, "support the board's continued expectation in delivering a marked improvement in performance” in the year to March 2024.
Trifast shares were up 7.2p at 69.8p.