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(Alliance News) - Trifast PLC on Monday said quarterly trading suffered, and it now expects revenue and profit to fall short of consensus.
Shares in Trifast fell 11% to 82.63 pence each in London on Monday morning.
The East Sussex, England-based industrial fastenings firm said its third quarter saw significantly lower than forecasted volumes in its Asia operations and global distribution sales channel. It said the trends of "low visibility and volatile demand" in several end market and geographic segments continued during the period.
Consequently, it expects annual results for its year ending March 31 to be "significantly" below its previous expectations.
Revenue is expected at GBP230 million, with adjusted earnings before interest and tax margin to be around 5%. Consensus forecasts point to revenue of GBP254 million, with an adjusted Ebit of GBP15.5 million. In 2022, Trifast brought in GBP238.5 million in revenue.
"As a group, the balance sheet remains strong, we continue to see significant scope to rebuild and invest in the business and we remain confident in the fundamentals of our business model over the medium-term," the company said.
Trifast expects to publish its full-year results in July.
By Sabrina Penty, Alliance News reporter
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