Trifast Shares Drop on 6-month Results

Jason Sandefur

UK-based fastener maker Trifast saw its shares plunge 17% after announcing that six-month sales declined 4% to 50.94 million pounds (US$87.75 million). Profit for the first half of fiscal 2006 dipped 32% to 1.34 million pounds. European sales dropped 8%, while U.S. revenue also declined. The company’s one bright spot was in Asian operations, which reported a 19.5% increase in sales to 10.35 million pounds.
Trifast also warned of a downturn in market conditions. “October trading has been disappointing and this has not recovered in November. For the month of October, revenue and profitability in our European businesses were both significantly below budget.”
Trifast said the first phase of its $5 million Chinese manufacturing operation is on schedule to be completed by the end of 2005. The company has already invested $1 million in the venture. Web: trifast.com �2005 FastenerNews.com