- Industrial fastenings manufacturer Trifast warned its annual underlying profit would be at the lower end of analysts' forecasts and said it was continuing to monitor the coronavirus impact on its business.

The company had been guiding for a second-half weighted annual performance, but said Friday that market conditions had become more challenging than expected.

The coronavirus impact had so far been restricted to the extended closure of Trifast's Chinese sites and a corresponding reduction in locally-generated revenues.

'It is not possible at this time to assess how extensive any longer term impacts will be, but we are already working closely with our customers and supplier base, only about 10% of which originates in mainland China, to minimise these risks as far as possible,' it added.

Looking ahead, Trifast said the 2020 and 2021 financial years were 'investment years' for the business.

However, it said the current volatile macro-economic environment meant the the emergence of returns on investment would likely to be slower than first hoped.

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