(Alliance News) - Trifast PLC said on Wednesday it expects its annual profit to be "marginally ahead" of its previous guidance, despite a "disappointing" year.
Shares in Trifast were up 12% at 70.00 pence each in London on Wednesday morning.
Trifast is an East-Sussex, England-based industrial fastenings and component manufacturer.
Higher annual revenue placed Trifast's adjusted pretax profit for the year ended March 31 ahead of the previous guidance of GBP9.0 million, the company said.
Revenue for 2023 is expected to be around GBP245 million, up 12% from GBP218.6 million, with organic growth being approximately 7%.
Nevertheless, Trifast reported its stock levels were reduced by more than GBP10 million in the final quarter of 2023, while year-end inventory was flat at around GBP97 million.
Trifast said destocking has subsided going into the current financial year, but remains "mindful" of the challenging macroeconomic environment.
Nevertheless, the company noted "new contract wins and a healthy pipeline" support its continued expectation to deliver improved results in financial 2024.
By Sabrina Penty; Alliance News reporter
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Trifast (TRI)