Trifast puts out second profit alert

TURMOIL in the electronic goods sector has led to a second profits warning at Trifast, which makes fasteners for products as diverse as mobile phones, computers and washing machines.

Soon-to-retire chief executive Malcolm Diamond warned that second-half pre-tax profits would be half the £1.3m of its first six months. However, Diamond, who has been Trifast chief for 18 years, said the final dividend would be maintained when he reports results on 24 June for the year ending in March.

His successor Jim Baker is a 48-year-old China hand who has been looking after the group's interests and expansion in that region. He has already made contact for orders from vacuum cleaners group Dyson, which is relocating production from the UK to the Far East.

High-tech orders for fastenings have tumbled by 50% this year leading to a overall 20% decline in sales. The shares lost 27% to 82p, down 30 1/2p.