Trifast, the U.K. maker and distributor of industrial fastenings, announced that it is maintaining its fiscal 2024 expectations despite heightened uncertainty over demand conditions. The company expects to report a 2% decline in first-half revenue compared to the previous year.
Second-Half Weighted Year Ending March 31
Trifast confirmed that the year ending March 31 will be second-half weighted, in line with its previous guidance. While the company has confidence in the delivery of its revenue pipeline, margin improvement, and working capital plans, it remains cautious due to demand uncertainty caused by macroeconomic challenges and global geopolitical unrest.
Resilient First-Half Performance
Trifast’s first-half performance was resilient, with a 2% decline in revenue on a year-on-year basis, or a 1% decline on a constant-currency basis. The reduced demand, particularly in health and home, and distribution sectors, was partially offset by growth in the light and heavy vehicle segments. In the previous year, first-half revenue amounted to £120.2 million ($147.2 million).
Strong Business Foundations and Future Performance
Despite the uncertain and challenging short-term trading environment, Trifast stated that its business foundations remain strong. The company is confident in the execution of its commercial and operational improvement programs, which are expected to deliver significantly stronger performance in the future.
Shares of Trifast rose by 0.8% to 74.0 pence at 0712 GMT.
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