Tricorn loses ground despite aerospace sale

MALVERN-based manufacturer Tricorn Group has announced that it made a loss before tax of £70,000 in the six months ended September 30.

This compares to a £335,000 profit in the corresponding period last year.

Revenue was down from £11.36m to £10.63m.

The AIM-quoted tube manipulation specialist’s disappointing figures come despite the sale of its aerospace business RMDG Aerospace to a subsidiary of Avingtrans for £1.06m.

But the company, which employs around 380 people, suggests it is now well positioned with a global manufacturing platform based on three brands: MTC, Maxpower and Franklin Tubular Products. 

It has seen further growth in the China during the six month period in question and net debt has reduced from the year end position.
 
Andrew Moss, newly appointed chairman of Tricorn, said: “The strategic investments in the USA and China position the group uniquely in its target sectors. This provides us with the platform for accelerated growth with our existing customer base as additional new business is secured and market conditions improve. 

“Business in China continues to expand whilst in the USA the new management team has made an encouraging start in creating a solid platform from which the business can develop.”

Moss did, though, suggest market conditions are likely to remain challenging for the balance of the current year with revenue slightly lower than the first half but improved on the comparative period last year.