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Trifast PLC shares fell on Tuesday after it reported lower interim revenue, driven by reduced demand mainly in its health & home and distribution channels. Shares in the Uckfield, England-based industrial fastenings firm were down 5.7% to 69.20 pence each in London on Tuesday afternoon. In a trading update on the six months ended September 30, Trifast reported that revenue in the period fell about 2% year-on-year. Trifast explained that this was driven by reduced demand mainly in its health & home and distribution channels, partially offset by light & heavy vehicle growth. Looking ahead, Trifast expects the financial year to be weighted to the second half. ‘Whilst we remain confident in the delivery of our revenue pipeline generation, margin improvement and working capital plans, we are mindful of the elevated uncertainty over demand conditions as a result of ongoing macro-economic challenges and recent global geopolitical unrest,’ it added. Based on this, Trifast said it will be keeping its outlook for financial 2024 unchanged. The company will announce its interim results on November 21. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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