The FY26 trading update points to trading in line with consensus, delivering margin improvements as planned through internal actions, set against a challenging geopolitical and macroeconomic environment. Trifast plans to streamline manufacturing with the closure of its Malaysian manufacturing unit, refocusing resources on faster growth areas such as China and India. We make only minor adjustments to our FY26 forecasts. The conflict in the Middle East, weak automotive sector and closure of Malays ....