Trifast warns on profits amid 'challenging' market conditions
StockMarketWire.com - Industrial fastenings manufacturer Trifast warned on profits amid a continuation of challenging market conditions into the second quarter of its financial year.
Underlying pre-tax profit for the year through March was expected to be around £22m.
Last year, the company reported an underlying pre-tax profit of £23.6m.
Trifast said end markets across a number of sectors remained weak, particularly in the automotive sector.
'This has led to some reduced volumes to existing builds across the UK, Europe and Asia,' Trifast said.
'As well as lead times on production schedules moving out on a number of new business wins.'
'The impact of this weakness has reduced revenue levels with a corresponding reduction in gross and operating margins against a semi-fixed cost base.'
At 8:01am: (LON:TRI) Trifast PLC share price was -28p at 165p
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