Tricorn Group reports a wider first half loss as revenues fall

The AIM-listed firm made a pre-tax loss of £249,000 for the six months to September 30, compared to a £47,000 loss a year earlier

Metal pipes
Tricorn shares dropped over 10.5% after it posted a wider pretax loss

Shares in pipe and tubing assemblies’ manufacturer Tricorn Group PLC (LON:TCN) dropped over 10.5% today after it reported a wider pretax loss for the first half impacted by lower revenues and restructuring costs in China.

The AIM-listed firm made a pre-tax loss of £249,000 for the six months to September 30, compared to a £47,000 loss a year earlier.

Adjusted pre-tax profit, stated before the costs were booked for consolidating Tricorn's operations in China, slipped to £4,000, down from £38,000 the year before.

First half revenues declined to £8.9 million, down from £10.1million at the same stage last year, though sales were up 12.3 per cent versus the second six months of the previous financial year.

Sales in Tricorn's Transportation division, which makes tube products for construction, vehicle and agriculture markets, were solid in the second half, boosted by good trading in the UK and US.

The group‘s Energy arm, meanwhile, benefited from new contract wins in the power generation market.

Tricorn chairman Andrew Moss said: “The group has made good progress through the first half of the year when compared to the previous period and the board is encouraged by the new business won.”

Moss said the group anticipates meeting market forecasts for the full-year to March 2017.

But with the first half numbers disappointing, Tricorn shares were down 1.5p at 12.5p at lunchtime.

Quick facts: Tricorn

Price: £0.18

Market: AIM
Market Cap: £6 m

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