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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Tricorn Group Plc | LSE:TCN | London | Ordinary Share | GB0009716340 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7862S Tricorn Group PLC 03 December 2003 TRICORN GROUP PLC ("the Group") STATEMENT ACCOMPANYING INTERIM RESULTS FOR THE PERIOD ENDED 30TH SEPTEMBER 2003 The six months to 30th September 2003 has been a period of good progress on all fronts for Tricorn. The move to reduce costs has begun to yield significant results, sales revenues have increased across the board and additional finance has been arranged through the sale and leaseback of the MTC factory at a price of #1.15m. Overall trading performance for the six months to 30th September 2003 generated turnover of #2.9 million (2002: #2.1 million) with a much reduced loss of #95,000 (2002: #452,000) and a loss per share of 0.34p (2002: 1.70p). Malvern Tubular Components ("MTC") The drive for lean manufacturing continues at MTC with a factory reorganisation completed and delivering a step change in productivity. Resourcing components from low cost countries is yielding a useful reduction in purchasing costs and significant additional opportunities to resource have been identified. Redman Fittings Ltd Redman continues to make steady progress in the UK. Acceptance of this revolutionary fitting is growing in this extremely conservative market and interest has now been shown from overseas markets. Issquared Ltd The project to develop an innovative pipeline inspection system for a consortium of water companies has now been successfully completed and handed over to our customers. Current top priority for Issquared is the pipeline integrity management software (PipeHorizon). New legislation in the USA has driven significant activity in the market and negotiations are underway with several major customers around the world. Outlook MTC has benefited from the general improvement in the economic climate and with good progress being made in expanding both Redman and Issquared the Board remains optimistic about the long term potential for the Group as a whole. For any further information contact SW Cooper (CEO) at Tricorn Group plc Telephone: 01684 569956 Tricorn Group plc Unaudited Interim Results for the six months to 30th September 03 Consolidated Summarised Profit and Loss Account For the six months to 30th September 2003 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 Note #,000 #,000 #,000 Turnover Continuing operations 2,927 1,940 3,882 Acquisitions - 159 435 --------- --------- --------- 2,927 2,099 4,316 Cost of sales (1,667) (1,310) (3,091) --------- --------- --------- Gross Profit 1,260 789 1,225 Distribution costs (58) (57) (91) Administration expenses (1,233) (1,186) (2,647) --------- --------- --------- Operating loss Continuing operations (31) (435) (1,476) Acquisitions - (19) (37) --------- --------- --------- (31) (454) (1,513) Net Interest payable (64) (38) (92) --------- --------- -------- Loss on ordinary activities before taxation (95) (492) (1,605) Taxation 2 - 40 106 --------- --------- -------- Loss on ordinary activities after taxation 4 (95) (452) (1,499) ===== ===== ===== Loss per ordinary share 3 (0.34)p (1.70)p (5.52)p ===== ===== ===== There were no recognised gains or losses other than the loss for the financial year Consolidated Summarised Balance Sheet At 30th September 2003 30/9/03 30/9/02 31/3/03 #,000 #,000 #,000 Fixed Assets Intangible assets 645 1,283 683 Tangible assets 1,842 2,053 1,916 Investments - - - --------- --------- --------- 2,487 3,336 2,599 --------- --------- --------- Current Assets Stocks 564 1,028 622 Debtors 1,231 1,216 1,208 Cash in bank and in hand 30 8 90 --------- --------- --------- 1,825 2,252 1,920 Creditors: Amounts falling due within one year (1,877) (1,876) (2,265) --------- --------- --------- Net current assets (52) 376 (345) --------- --------- --------- Total assets less current liabilities 2,435 3,712 2,254 Creditors: Amounts falling due after more than one year (955) (475) (679) Provisions for liabilities and charges - (16) - --------- --------- --------- 1,480 3,221 1,575 ===== ===== ===== Capital and reserves Called up share capital 2,760 2,760 2,760 Shares to be issued - 105 - Share premium account 1,380 1,401 1,380 Other reserve 1,388 1,861 1,388 Profit and loss account (4,048) (2,906) (3,953) --------- --------- --------- Equity shareholders' funds 1,480 3,221 1,575 ===== ===== ===== Consolidated Summarised Cash Flow Statement For the six months to 30th September 2003 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 Note #,000 #,000 #,000 Net cash (outflow)/inflow from operating 5 18 (442) (792) activities Returns on investments and servicing of finance Interest paid (52) (26) (56) Finance lease interest paid (12) (12) (36) --------- --------- --------- Net cash outflow from returns on investments and servicing of finance (64) (38) (92) --------- --------- --------- Taxation 32 - 7 Capital expenditure Payments to acquire tangible fixed assets (21) (71) (66) Proceeds from sale of tangible fixed assets 5 - 36 --------- --------- --------- Net cash outflow for capital expenditure (16) (71) (30) --------- --------- --------- Acquisitions - (56) (56) Net cash outflow before financing (30) (607) (963) Financing Issue of ordinary share capital - - - Share issue costs - - (22) Receipt/(repayment) of loans 926 (23) 217 Capital element of finance lease rentals (67) (62) (144) --------- --------- --------- Net cash (Outflow)/inflow from financing 859 (85) 51 --------- --------- --------- (Decrease)/increase in cash 829 (692) (912) ===== ===== ===== Consolidated Summarised Cash Flow Statement For the six months to 30th September 2003 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 Note #,000 #,000 #,000 Net cash (outflow)/inflow from operating activities 5 18 (442) (792) Returns on investments and servicing of finance Interest paid (52) (26) (56) Finance lease interest paid (12) (12) (36) --------- --------- --------- Net cash outflow from returns on investments and servicing of finance (64) (38) (92) --------- --------- --------- Taxation 32 - 7 Capital expenditure Payments to acquire tangible fixed assets (21) (71) (66) Proceeds from sale of tangible fixed assets 5 - 36 --------- --------- --------- Net cash outflow for capital expenditure (16) (71) (30) --------- --------- --------- Acquisitions - (56) (56) Net cash outflow before financing (30) (607) (963) Financing Issue of ordinary share capital - - - Share issue costs - - (22) Receipt/(repayment) of loans 926 (23) 217 Capital element of finance lease rentals (67) (62) (144) --------- --------- --------- Net cash (Outflow)/inflow from financing 859 (85) 51 --------- --------- --------- (Decrease)/increase in cash 829 (692) (912) ===== ===== ===== Notes to the Financial Statements For the six months to 30th September 2003 1. Basis of preparation The interim financial statements have been prepared under the historical cost convention, on bases consistent with the previous year, and in accordance with applicable accounting standards. The principal accounting policies of the Group have remained unchanged from those set out in the Group's 2003 annual report and financial statement. 2. Taxation Trading losses are carried forward to offset against future trading profits 3. Loss per Share The loss per share is based on the loss for the 6 month period divided by the weighted average number of equity shares ranking for dividend during the period being 27,601,670 shares. (2002 - 26,656,670, 31 March 2003, 27,140,820) 4 . Reconciliation of movements in shareholders' funds 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 #,000 #,000 #,000 Loss for the period (95) (452) (1,499) Share issues (including shares to be issued) - 1,240 640 --------- --------- --------- Net (reduction)/increase in shareholders' (95) 788 (859) funds Shareholders' funds at start of 1,575 2,434 2,434 period --------- --------- --------- Shareholders' funds at end of period 1,480 3,222 1,575 ===== ===== ===== 5. Reconciliation of operating loss to net cash (outflow)/inflow from operating activities 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 #,000 #,000 #,000 Operating Loss (31) (454) (1,513) Depreciation 103 122 232 Amortisation 38 22 44 Loss/(Profit) on disposal of tangible assets (1) - 9 Provision against fixed asset investment - - - Decrease/(increase) in stock 58 (183) 266 Decrease/(increase) in debtors (23) (129) 122 Increase/(decrease) in creditors (126) 180 48 --------- --------- --------- 18 (442) (792) ===== ===== ===== 6. Reconciliation of net cash flow to movement in net funds 6 Months 6 Months 12 Months to 30/9/03 to 30/9/02 to 31/3/03 #,000 #,000 #,000 (Decrease)/increase in cash 829 (692) (912) Cash used to repay capital element of finance lease and hire purchase agreements 67 62 144 Cash (inflow)/outflow from movement in loans (926) 23 (216) --------- --------- --------- Change in net debt resulting from cashflows (30) (607) (984) New finance leases and hire purchase contracts (14) (9) (33) --------- --------- --------- Movement in net debt (44) (616) (1,017) Net debt at start of period (1,652) (635) (635) --------- --------- --------- Net debt at end of period (1,696) (1,251) (1,652) 7. Publication of non-statutory accounts The financial information set out in this interim announcement does not constitute statutory accounts as defined in section 240 of the Companies Act 1985. This information is provided by RNS The company news service from the London Stock Exchange END IR UUGPUPUPWGRP
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