Trifast, the Uckfield-based industrial fixings manufacturer and supplier, is suffering from the slowdown in technology-based businesses.

Once a top performer on the stock market, the firm, which has operations in Europe, the United States and Asia, reported a fall in profits for the six months to September 30.

Chief executive Malcolm Diamond said the severe international economic downturn had provided a difficult and challenging backdrop to its business in all three continents Turnover fell to £52.3 million from £60.8 million for the previous six months.

The firm has cut jobs across its operations, costing it more than £750,000 in redundancy payments.

Pre-tax profit, before goodwill and redundancy costs, was £1.3 million.

Mr Diamond said the business was in good shape and ready move when the economy improved.

He said: "We believe our swift actions to not only remove operational costs but continue to invest in the business this year will put us in a lead position to take advantage of the general up-turn, which we believe will happen bet-ween the short and medium-term, especially outside the UK."

Manufacturing in the UK had been particularly badly hit. Mr Diamond said: "Sales in the first four months to July were 14 per cent below the comparable period.

"This clearly reflected the collapse in demand and build-up of excessive inventory stocks in the supply chain in our major markets, telecoms and the information technology sectors.

"Despite the lower volumes, we have not lost any of our major customers and continue to have a good level of business inquiries from customers outside the information technology hardware sector."

Exports were up by 22 per cent during the period.

Trade with Europe accounted for 85 per cent of the firm's business, the Far East 11 per cent and America four per cent.