12/1/2009
NEWS BRIEFS
Trifast Sales & Profits Stabilize
UK-based Trifast Group reported sales dropped 32% to GBP 39.85 million (US$ 65.6 million) during the first six months of fiscal 2010, while gross profit declined 39% to GBP 9.81 million.
“The reduction in the group’s first half revenue in this financial year reflects the demanding environment that TR and its customers are operating in across the globe,” the company stated.
Trifast’s workforce totaled 864 people at the end of the first half, down 20% from a year ago, including 48 who lost their jobs since March 2009.
In fiscal 2009 sales slipped 12% to GBP 104.9 million during the fiscal year ended March 31, 2009, while gross profit slipped 20% to GBP 26.6 million and operating profit resulted in a loss of GBP 11 million.
In March, following major board changes instigated by shareholders, previous CEOs Malcolm Diamond and Jim Barker returned as chairman and CEO respectively. ©2009 GlobalFastenerNews.com
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