Manuafacturer slips to £7.6m loss as pandemic hits trading
Tricorn, the tubing manufacturer, has posted losses of over £7.5m for the 18 months to September 30 2020, according to freshly-filed prelimary accounts.
The company says its performance for the extended accounting period was “significantly” impacted by the pandemic.
Despite the longer accounting time, revenues at the firm were broadly flat, rising just over £2.5m from 2019 figures to £25.4m. Profits of £950,000 in 2019 were wiped out as the company posted a loss for the 18 monts of £7.6m.
Andrew Moss, chairman of Tricorn, said: “Since February 2020, as a result of the global pandemic, Tricorn has experienced an extended period of challenging markets and turbulent trading. We have made significant changes to our senior executive team, who are focused on improving our operations and implementing new commercial strategies. Customer demand is steadily improving which is a welcome sign that the company is returning to pre-pandemic levels of production activity.
“We anticipate that the impact of COVID-19 and the shipping delays of imported material will continue to put pressure on labour costs and associated labour productivity in the near term, but with a re-energised leadership team, a credible balance sheet and funding arrangements that support future growth, Tricorn is well positioned to manage these headwinds and further improve its operational performance with its customers.”