logo-loader
viewTrifast

Trifast undone by worsening market conditions and coronavirus impact

"We are already working closely with our customers and supplier base, only c.10% of which originates in mainland China, to minimise these risks [from the coronavirus] as far as possible."

Trifast -

Shares in Trifast PLC (LON:TRI) came unzipped on Friday morning after the industrial fastenings specialist warned on profits.

The company said that since its last market update in November, market conditions have deteriorated and the board now expects full-year profits will be at the lower end of analysts’ forecasts.

The company tried to reassure on the impact of the coronavirus, saying to date the fall-out from the company’s point of view had been restricted to the extended closure of its Chinese sites and a corresponding reduction in locally generated revenues but it cautioned it is not currently possible to assess how extensive any longer-term impacts will be.

The company is pinning its hopes on its Project Atlas overhaul of its global systems, processes and procedures but warned that while the roll-out remains on track, it is probable that the expected benefits will take longer to feed through than previously expected.

“Notwithstanding the current high levels of uncertainty, we are pleased to report that our pipeline of new wins is strong and activity levels around the group continue to be encouraging,” Trifast’s stock market statement said.

The company said it was optimistic it could achieve revenue growth in the year to the end of March 2021 and beyond.

“We are encouraged and supported by the fact that we have lost neither business nor customers over this difficult period and continue to hold preferred supplier status at a wide range of large manufacturers across the globe,” it added.

Trifast shares were down 6.1% at 162.5p in early deals ad are well below their 52-week high of 242p, achieved at the end of April 2019.

Quick facts: Trifast

Price: 160 GBX

LSE:TRI
Market: LSE
Market Cap: £196.17 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Sativa Group signs significant product listing with WH Smith...

Sativa Group (Nex: SATI) CEO Henry Lees-Buckley dropped into the Vancouver studio of Proactive with news the company has signed a major CBD product listing agreement with WH Smith Travel.  Lees-Buckley talks about just how big that deal is and what he has been hearing from customers...

6 hours, 19 minutes ago

2 min read