Insightful Word
  • Investing
  • Stock
  • Economy
  • Politics
  • Investing
  • Stock
  • Economy
  • Politics
No Result
View All Result
Insightful Word
No Result
View All Result
Home Stock

Trifast maintains stability amid market challenges

admin by admin
October 22, 2024
in Stock
0
Trifast maintains stability amid market challenges
0
SHARES
4
VIEWS
Share on FacebookShare on Twitter

LONDON – Trifast plc (LSE:TRI), a global industrial fastening company, announced today that its performance for the six months ending September 30, 2024, has met management expectations despite a slight decrease in revenue. The company reported a year-on-year revenue reduction of approximately 3.1% due to softer demand across various markets. However, Trifast highlighted an improvement in gross margin by about 150 basis points.

The company’s underlying operating costs have been effectively managed throughout the period, reflecting the benefits of ongoing self-help initiatives and the execution of its strategic plan termed Recover, Rebuild and Resilience. Trifast also confirmed it remains on track to realize phased cost savings of close to £3 million from its operational improvement program, which includes a 10% reduction in non-operating headcount and the successful consolidation of UK facilities into the West Midlands National Distribution Centre.

Trifast has also reported a significant reduction in pre-IFRS 16 net debt, which stood at approximately £15.8 million as of September 30, 2024, down £12 million from the previous year. The company maintains a strong liquidity position, with over £78 million of its £120 million banking facilities remaining undrawn. Additionally, Trifast’s covenant leverage has improved to around 0.95 times, down from 1.56 times in the first half of the previous fiscal year.

Looking ahead, despite the anticipation of continued global macro-economic and geopolitical uncertainties that may dampen demand in the second half of the fiscal year, Trifast’s board maintains its expectations for the year ending March 31, 2025, unchanged. This outlook is based on the company’s ongoing margin management and working capital efficiency programs.

Trifast will publish its half-year report on November 19, 2024, and will provide an update on its strategy during a live presentation with the opportunity for stakeholders to submit questions. The presentation will feature CEO Iain Percival and CFO Kate Ferguson discussing the company’s half-year results and progress.

This trading update and notice of half-year results are based on a press release statement from Trifast plc.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com

Previous Post

A.O. Smith misses quarterly estimates on sluggish water heater demand

Next Post

How Bhutan became the world’s 4th largest Bitcoin holder with $780M in BTC assets

admin

admin

Next Post
How Bhutan became the world’s 4th largest Bitcoin holder with $780M in BTC assets

How Bhutan became the world’s 4th largest Bitcoin holder with $780M in BTC assets

Trending News

Will banks deliver? Earnings report to reveal true picture of US lending sector

Will banks deliver? Earnings report to reveal true picture of US lending sector

January 13, 2025
How billionaire Caltagirone could influence Italy’s banking M&A wave

How billionaire Caltagirone could influence Italy’s banking M&A wave

March 31, 2025
Key ideas for India’s mid-cap sector for 2025

Key ideas for India’s mid-cap sector for 2025

January 12, 2025
Subscribe to Insightful Word


    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025
    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    June 5, 2025
    Why Bank of America sees 13% upside on Roblox (RBLX)

    Why Bank of America sees 13% upside on Roblox (RBLX)

    June 5, 2025

    Recent News

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant

    June 5, 2025
    Ripple releases $2.18B in XRP, price dips 2%

    Ripple releases $2.18B in XRP, price dips 2%

    June 5, 2025

    Latest News

    • ARB eyes recovery as Arbitrum taps agentic DeFi revolution with $1M grant
    • Ripple releases $2.18B in XRP, price dips 2%
    • Nintendo Switch 2 launch sees shortages as 2.2M vie for units in Japan

    About Insightful Word

    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools
    • Contacts
    • Cookie Notice
    • Privacy Policy
    • Terms of Service
    • Trading tools

    Copyright © 2025 Insightfulword.com. All Rights Reserved.

    No Result
    View All Result
    • Investing
    • Stock
    • Economy
    • Politics

    Copyright © 2025 Insightfulword.com. All Rights Reserved.