Business
Interim Management Statement/
Interim Management Statement/.
About this update from Trifast Plc
[{"type":"text","content":"\n RNS Number : 6098M Trifast PLC 02 February 2009 \n \nTRIFAST PLC\n('Trifast' or 'the Company' or 'the Group')\n\nInterim Management Statement\n\nDirectorate Change\n\n\n2 February 2009\n\nTrifast, an international manufacturer and distributor of industrial fasteners and components today announces its interim management statement for its third quarter, the three months ended 31 December 2008, and a directorate change.\n\nInterim Management Statement\n\nOverall the Group's revenues and profitability have been impacted by the rapid onset of recession in Europe and North America and profits before taxation (before intangible amortisation, IFRS2 charges and impairment of associated company) are therefore expected to be below market expectations.\n\nThe third quarter trading period has seen revenue reductions in the UK, Turkey and our Scandinavian business units largely resulting from reductions in demand from both the automotive sub-contract manufacturing base and domestic appliance base. Our activities in Holland, Germany, Hungary and Poland have all reported revenue growth. Our planned approach to selling TR manufactured products to distributors in North America is developing well and we now have a number of regional customers and we are hoping to sign up with a national distributor shortly. This will allow us to maintain profitable growth in this region.\n\nThe Asian market has performed well in the third quarter and is in line with forecasts and our business activities in the North American market are ahead of our original forecasts. However, it is expected that the recessions in North America and Europe will impact on Asia for our fourth quarter and next financial year due to order cancellations and a reduction in overall demand.\n\nAs previously announced at our interim results the Group advised of the loss of a £1 million contract for screw components supplied to the hard disk market in Asia. We are pleased to report we are now receiving new orders and we are expecting to see revenue improvements from this business sector in the next financial year.\n\n\nThe expected impact of the factors described above on profit before taxation (before intangible amortisation, IFRS2 charges and impairment of associated company) for the year ending 31 March 2009 is likely to be as follows: the downturn in the UK and Scandinavia resul...