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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 £9.0 million, the company said. Revenue for 2023 is expected to be around £245 million, up 12% from £218.6 million, with organic growth being approximately 7%. Nevertheless, Trifast reported its stock levels were reduced by more than £10 million in the final quarter of 2023, while year-end inventory was flat at around £97 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. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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