(Reuters) -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)
