Trifast undone by profit warning


The share price of fastenings firm Trifast PLC (LON:TRI) came unhinged, shedding 17% at 159.5p, after a profit warning.

The difficult trading conditions referred to in July at the annual general meeting have continued into the second quarter of the companys financial year, with the motor car sector having a particularly tough time of it.

In the absence of further market deterioration, the group's underlying profit before tax in the current fiscal year is expected to be around £22mln; analysts had pencilled in a figure of £22.54mln for the year to the end of March 2020.

11.45am: Mind Gym stretches full-year revenue guidance

Mind Gym PLC (LON:MIND) said it expects full-year revenue will be slightly ahead of expectations.

Shares in the personnel and talent management services provider rose 6.6% to 26p said its strategy of focusing on deepening key client relationships is paying off with an increased proportion of revenue from its top 25 accounts and an increased proportion of repeat revenue from existing clients.

Half-year profit before tax is expected to be “broadly consistent” with the same period of last year.

11.00am: Candy man could come calling for CapCo

A consortium led by Candy Ventures, an investment vehicle of Nicholas Candy, confirmed it is contemplating a bid for Capital & Counties Properties PLC (LON:CAPC).

The board of Capital & Counties responded by revealing it has not been approached by Candy Ventures or any other party.

Shares in the Covent Garden and Earls Court properties owner were 7.7% higher at 268.9p.

10.15am: Keras soars after getting the green light for Nayega

Keras Resources PLC (LON:KRS) has received the green light to undertake large scale mining at the Nayega manganese project in northern Togo.

Shares in the company surged 19% to 0.475p after it passed what Russell Lamming, the chief executive officer of Keras, called “a major milestone for the company”.

“Our strategy of proving up the project through the fully funded 10,000-tonne bulk sampling programme has been validated, and the installed processing capacity allows us to commence production of beneficiated 38% manganese ore at a rate of 6,500tpm [tonnes per month] without investing any further capital,” Lamming said.

9.30am: Watchstone makes its peace with Slater & Gordon

Shares in Watchstone Group PLC (LON:WTG) soared 37% to 147p after the company formerly known as Quindell settled its dispute with Slater & Gordon.

Aussie law firm Slater & Gordon had sued for reimbursement and compensation for the £637mln acquisition of Watchstones professional services arm.

While not admitting it had sold the law firm a pig in a poke, Watchstone has signed a deal that will see Slater & Gordon receive £11mln of the £50mln the UK company had put in escrow subject to resolution of the dispute.

READ Watchstone Group revenues stable but Quindell legal case looms

An end (perhaps!) to the Quindell saga? Watchstone Group (which used to be Quindell) has settled its legal fight with Slater & Gordon UK, which bought Quindell's claims business back in 2015 Read More – Source

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