Trifast (TRI)

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Support

Index:

FTSE Small Cap

74.60p
   
  • Change Today:
      2.70p
  • 52 Week High: 93.90
  • 52 Week Low: 62.60
  • Currency: UK Pounds
  • Shares Issued: 136.11m
  • Volume: 208,104
  • Market Cap: £101.54m

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Trifast issues profit warning, announces CEO departure

By Michele Maatouk

Date: Monday 20 Feb 2023

LONDON (ShareCast) - (Sharecast News) - Trifast issued a profit warning on Monday as it pointed to significant destocking from one of its Asian manufacturing customers, and announced the resignation of its chief executive.
For the year to the end of March 2023, the company now expects revenues of around £243m and adjusted pre-tax profit of around £9m, versus market expectations of £242m and £14.3m.

Trifast said that since its half-year results in November, it has seen further year-on-year revenue growth, led by the European and North American businesses. It has also secured a further £10m of new contract wins since the end of September.

"During January, we also concluded negotiations with significant customers resulting in contractual pricing uplifts which were in line with our expectations," it said. "However, we have continued to see macro-economic conditions contribute to some volatility in demand patterns, and in particular have, more recently, been impacted by significant destocking from one of our Asian manufacturing customers."

The company also said on Monday that chief executive Mark Belton resigned over the weekend and has left Trifast.

It Scott Mac Meekin will relinquish his non-executive director responsibilities and will assume the role of interim CEO with immediate effect.

At 0910 GMT, the shares were down 45% at 50.88p.

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Trifast Market Data

Currency UK Pounds
Share Price 74.60p
Change Today 2.70p
% Change 3.76 %
52 Week High 93.90
52 Week Low 62.60
Volume 208,104
Shares Issued 136.11m
Market Cap £101.54m

Trifast Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
66.67% above the market average66.67% above the market average66.67% above the market average66.67% above the market average66.67% above the market average
55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average55.56% above the sector average
Price Trend
18.63% below the market average18.63% below the market average18.63% below the market average18.63% below the market average18.63% below the market average
20.79% below the sector average20.79% below the sector average20.79% below the sector average20.79% below the sector average20.79% below the sector average
Income
17.28% below the market average17.28% below the market average17.28% below the market average17.28% below the market average17.28% below the market average
29.23% below the sector average29.23% below the sector average29.23% below the sector average29.23% below the sector average29.23% below the sector average
Growth
9.99% below the market average9.99% below the market average9.99% below the market average9.99% below the market average9.99% below the market average
22% below the sector average22% below the sector average22% below the sector average22% below the sector average22% below the sector average

What The Brokers Say

Strong Buy 2
Buy 0
Neutral 1
Sell 0
Strong Sell 0
Total 3
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Trifast Dividends

  Latest Previous
  Interim Final
Ex-Div 14-Mar-24 28-Sep-23
Paid 11-Apr-24 13-Oct-23
Amount 0.60p 1.50p

Trades for 28-Mar-2024

Time Volume / Share Price
17:08 100,000 @ 74.60p
16:35 316 @ 74.60p
16:35 190 @ 74.60p
16:35 126 @ 74.60p
16:04 2,500 @ 74.14p

Trifast Key Personnel

Chair Serena Lang

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