Hr Library

UK’s Trifast warns on annual profit, to cut 10% jobs globally, ETHRWorld


hr.economictimes.indiatimes.com | www.ETHRWorld.com

<p>The company, which makes industrial fastenings mainly for global assembly industries, said it would undertake a strategic review of its global footprint to identify further cost-saving measures<br /></p>
The company, which makes industrial fastenings mainly for global assembly industries, said it would undertake a strategic review of its global footprint to identify further cost-saving measures

Industrial components manufacturer Trifast on Monday forecast 2024 fiscal year results “significantly below” its previous expectations in a weak demand environment and said it would cut about 10% of its non-operational staff globally.

The company, which makes industrial fastenings mainly for global assembly industries, said it would undertake a strategic review of its global footprint to identify further cost-saving measures.

The UK-headquartered firm said market conditions during the third quarter were marred by low visibility and volatile demand in several end-market and geographic segments. It expects the challenging conditions to persist through the financial year ending March 31.

Trifast said it expected annual revised revenue of about 230 million pounds ($292.2 million) and adjusted operating margin of about 5%.

The company said its restructuring programme including job cuts would deliver additional annualised savings of about 3 million pounds. ($1 = 0.7873 pounds) (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Subhranshu Sahu)

    Show More

Related Articles

Back to top button