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TCN Tricorn Group Plc

4.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
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

Tricorn Group PLC Final Results (3421H)

07/06/2017 7:00am

UK Regulatory


Tricorn (LSE:TCN)
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RNS Number : 3421H

Tricorn Group PLC

07 June 2017

7 June 2017

Tricorn Group plc

Final Results

For the year ended 31 March 2017

Tricorn Group plc ('Tricorn' or the 'Group'), (TCN.L) the AIM quoted tube manipulation specialist, announces its audited final results for the year ended 31 March 2017.

Highlights

   --    Profits significantly ahead of market expectations 
   --    Successfully completed consolidation of China operations 

-- Over GBP10m ($12.9m) of business secured in a long term agreement and new contract wins in the USA

   --    Investment in manufacturing footprint aligned to a growing customer base 
   --    Improved trading through final quarter 
   --    Positive cash flow from operating activities 

Financial Summary

 
 
                                                    2017            2016 
                                                 GBP'000         GBP'000 
 
 Revenue                                          18,519          18,016 
 Operating profit*                                   497              33 
 Profit/(loss) before tax*                           230           (273) 
 Net cash from operating activities                  614           1,222 
 Cash and equivalents                                642             855 
 Net debt                                        (3,497)         (2,920) 
 Earnings/(loss) per share - basic*                0.72p         (0.19)p 
 
 
 

* All references to operating profit, profit/(loss) before tax and earnings/(loss) per share are for continuing operations and before restructuring costs, intangible asset amortisation and share based payment charges.

Commenting on the results and the Group's prospects, Andrew Moss, Chairman of Tricorn, said:

"In a period in which market conditions have at times been challenging, we are pleased to report a significant improvement in our performance, with profits in the year to 31 March 2017 being significantly ahead of market expectations. During the year we successfully completed the consolidation of our manufacturing operations in China, which is now trading profitably.

The investment we have made in aligning our manufacturing footprint to the needs of our customers combined with our ongoing focus on operational performance is enabling us to win new business, grow market share and improve profitability.

We are encouraged by the improved trading in the final quarter of the year and expect to make further progress in the current year."

Enquiries:

 
 Tricorn Group plc                  Tel +44 (0)1684 569956 
 Mike Welburn, Chief Executive      www.tricorn.uk.com 
 Phil Lee, Group Finance Director   corporate@tricorn.uk.com 
 
 Stockdale Securities Limited       Tel + 44 (0)20 7601 6100 
 Tom Griffiths/Henry Willcocks 
 

Notes to Editors:

Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy and Transportation sectors.

Headquartered in Malvern, UK, Tricorn employs around 300 employees and has four manufacturing facilities in the UK, USA and China. It operates through four brands: Malvern Tubular Components, Maxpower Automotive, Franklin Tubular Products and Minguang-Tricorn Tubular Products.

Chairman's and Chief Executive's statement

Performance in the year ended 31 March 2017

Revenue for the year at GBP18.519m was 2.8% higher than the previous year (2016: GBP18.016m) reflecting the impact of new business growth and improved trading across the Group towards the end of the period. Second half revenue was 8% up on the first 6 months and 21.5% higher than the corresponding period last year. From July 2016, the Group's businesses in China were consolidated into an enlarged joint venture, which in line with Group policy, is reported on a profit or loss only basis. A favourable US dollar translation impact more than offset the resulting reduction in reported revenue.

Underlying operating profit at GBP0.497m was significantly up from the previous year (2016: GBP0.033) and with the joint venture in China operating profitably, following the consolidation, the underlying profit before tax for the year at GBP0.230m was up GBP0.503m on the previous year (2016: loss GBP0.273m).

In the Transportation division, good progress continued to be made on several fronts. In the USA over GBP10m ($12.9m) of business was secured from both existing and new customers reflecting the strengthening customer relationships being developed in the region. In the UK revenue continued to grow as a result of new business and the product application base was expanded to include braking systems for electric vehicles.

The Energy division expanded its reach into the power generation sector and with customer end markets starting to improve saw a notable increase in demand through the latter part of the year.

Business Review

The Group operates two main business divisions focused on the transportation and energy sectors. From the Group's four manufacturing facilities, the businesses serve a global blue chip OEM customer base many of whom have major facilities in the UK, USA, and China as well as elsewhere in the world.

With manufacturing operations now established in each of these key locations, the Group is ideally positioned to support its customers' facilities as they continue to seek to localise supply and technical support.

Transportation

The Transportation division is focused on rigid, nylon and hybrid tubular products for engines, braking systems, transmission lubrication, fuel sender sub-systems and hydraulic actuation in a variety of on and off road applications including construction, trucks and agriculture.

External revenue for the year ended 31 March 2017 was GBP13.595m (2016: GBP12.538m) and underlying operating profit increased to GBP0.329m (2016: GBP0.043m).

In the USA Franklin Tubular Products continued to develop its relationships and secure market share with a growing customer base. Strong operational performance and early investment in innovative capabilities for the business has resulted in new contract wins and a long-term agreement with a combined estimated value of over GBP10m ($12.9m) for the supply of on-board heavy truck products as well as hydraulic fluid systems for off road machines.

In the UK, Maxpower Automotive benefited from the impact of new business growth following the prior year investment in rigid hydraulic tube manufacture. More recently the development of brake system products for electric vehicle applications provides further scope for expansion.

In China, both the Group's wholly owned facility and joint venture were combined into an enlarged operation. This reduced operational gearing and concentrated resources into a single location in an enlarged joint venture in Nanjing. The business operated profitably over the latter part of the financial year and is now firmly established on a solid platform for growth.

Energy

The Energy division is focused on the design and manufacture of larger tubular assemblies and fabrications for diesel engines and power generator sets. The key markets served through its customers are power generation, mining, marine and oil and gas applications.

External revenue for the year at GBP4.924m was down on the previous year (2016: GBP5.478m), however, second half revenue was up 39.5% on the previous 6 months. This was a result of the impact of new business secured, principally in the power generation sector, and improving end markets for its existing customer base. Underlying operating profit at GBP0.280m was substantially up on the previous year (2016: GBP0.098m) as the business benefited from restructuring in the prior year.

People

The Board would like to take the opportunity to thank all its employees for their hard work and support through the year. Their commitment and dedication ensures that we continue to drive the business forward and deliver quality products to our customers.

Financial Review

The Group entered the financial year with a lower overhead base following the restructuring implemented in the previous financial year. Costs were further reduced in July 2016 through the consolidation of the Group's operations in China.

As a result, and coupled with improving trading conditions, all of the Group's subsidiary businesses were profitable in the year and the China joint venture was profitable through the final quarter. Financial results for the Group were much improved on the prior year with underlying operating profit for the year of GBP0.497m (2016: GBP0.033m) and after finance costs and the share of the full year loss from the joint venture, underlying profit before tax was GBP0.230m (2016 loss: GBP0.273m).

Income Statement

Revenue for the year, at GBP18.519m was up GBP0.503m on the prior year of GBP18.016m. The improvement over the prior year reflected the impact of new business growth and the improved trading experienced towards the end of the financial year. The impact of the strengthening US dollar during the year was largely offset by a reduction in revenues in China following the completion of the merger of the Group's China activities at the end of June 2016. From that date and in line with Group policy the Group has reported its share of the profit or loss before tax whilst the revenue figure for the joint venture is not reported in the Group consolidated income statement.

Headline administration and distribution costs were down GBP0.211m over the previous financial year despite a stronger US dollar, which, on translation added GBP0.410m to these costs in the year. Excluding the impact of the movement of the US dollar the Group has seen a GBP0.621m reduction in its distribution and administrative cost base over the previous financial year. Underlying operating profit improved significantly to GBP0.497m when compared to the prior year's underlying operating profit of GBP0.033m.

Finance costs for the year were GBP0.218m (2016: GBP0.207m) and the Group delivered an underlying profit before tax for the year of GBP0.230m (2016: underlying loss before tax GBP0.273m).

Total restructuring costs for the Group in the year were GBP0.303m (2016: 0.270m), of which GBP0.223m related to the consolidation of activities in China and of that figure GBP0.114m comprised non-cash asset write-downs. After deducting restructuring costs, intangible asset amortisation and share based payment charges, the loss before tax for the year was GBP0.287m (2016: GBP0.552m).

Basic loss per share (LPS) for continuing businesses was 0.81p (2016: LPS 1.64p) and after adjusting for one-off items, the underlying earnings per share was 0.72p (2016: LPS 0.19p). The Board is not recommending the payment of a final dividend (2016: nil pence).

Cash Flow

The improved profit position of the Group and the management of working capital, as demand increased through the final quarter of the financial year, enabled it to generate net cash from operating activities of GBP0.614m (2016: GBP1.222m). Capital expenditure for the year was GBP0.559m (2016: GBP0.629m).

At 31 March 2017, net debt was GBP3.497m (2016: GBP2.920m). The stronger US dollar at the year end had a significant impact on the reported net debt figure, resulting in an increase in reported borrowings of GBP0.346m on translation at year end rates. A large proportion of the US dollar debt is used for working capital purposes in the US and is secured against US assets. Cash and cash equivalents were GBP0.642m (2016: GBP0.855m) and gearing was 57.9% (2016: 48.5%), which again was impacted by the stronger US dollar.

The Group uses short term borrowings to fund its operating activities, with selected capital additions and larger projects being financed by lease finance arrangements. At the year end, the Group did not have any term debt in place.

Balance Sheet

Total assets of the Group as at 31 March 2017 were GBP13.788m, which was an increase of GBP1.425m on the prior year, with net working capital in the year also increasing to GBP3.890m (2016: GBP3.374m).

During the year, the Group assessed the useful lives of its plant and equipment. As a result of this review, the Group increased the maximum life for this class of asset from 10 years to 15 years. Assets were not revalued as a part of this exercise and the impact on the depreciation charge in the year was a reduction of GBP0.122m.

On translation of its overseas assets and liabilities, the Group made an exchange gain of GBP0.269m (2016: gain GBP0.052m). This is a non-cash movement, which is not hedged and is treated as a movement in other comprehensive income. As a result, the translation reserve in shareholders' funds now shows a GBP0.376m surplus (2016: surplus GBP0.107m).

Outlook

In a period in which market conditions have at times been challenging, we are pleased to report a significant improvement in our performance, with profits in the year to 31 March 2017 being significantly ahead of market expectations. During the year we successfully completed the consolidation of our manufacturing operations in China, which is now trading profitably.

The investment we have made in aligning our manufacturing footprint to the needs of our customers combined with our ongoing focus on operational performance is enabling us to win new business, grow market share and improve profitability.

We are encouraged by the improved trading in the final quarter of the year and expect to make further progress in the current year.

   Andrew Moss                                                  Mike Welburn 
   Chairman                                                         Chief Executive 

Group income statement

For year ended 31 March 2017

All of the activities of the Group are classed as continuing.

 
                           Note 
                                       2017            2017        2017          2016            2016       2016 
                                    GBP'000         GBP'000     GBP'000       GBP'000         GBP'000    GBP'000 
                                 Underlying  Non-underlying       Group    Underlying  Non-underlying      Group 
 
Revenue                       3      18,519               -      18,519        18,016               -     18,016 
Cost of sales                      (11,002)               -    (11,002)      (10,752)               -   (10,752) 
                                 ----------  --------------  ----------  ------------  --------------  --------- 
Gross profit                          7,517               -       7,517         7,264               -      7,264 
 
Distribution costs                    (793)               -       (793)         (969)               -      (969) 
 
Administration costs 
- General administration 
 costs                              (6,227)               -     (6,227)       (6,262)               -    (6,262) 
- Restructuring 
 costs                                    -           (303)       (303)             -           (270)      (270) 
- Intangible asset 
 amortisation                             -           (190)       (190)             -           (158)      (158) 
- Share based payment 
 charge                                   -            (24)        (24)             -            (59)       (59) 
Total administration 
 costs                              (6,227)           (517)     (6,744)       (6,262)           (487)    (6,749) 
                                 ----------  --------------  ----------  ------------  --------------  --------- 
 
Operating profit/(loss)     3           497           (517)        (20)            33           (487)      (454) 
                                 ----------  --------------  ----------  ------------  --------------  --------- 
 
Share of loss from 
 joint venture                         (49)               -        (49)          (99)               -       (99) 
Finance costs                         (218)               -       (218)         (207)               -      (207) 
                                 ----------  --------------  ----------  ------------  --------------  --------- 
 
Profit/(loss) before 
 tax                                    230           (517)       (287)         (273)           (487)      (760) 
 
Income tax credit                        12               -          12           160              48        208 
                                 ----------  --------------  ----------  ------------  --------------  --------- 
 
Profit/(loss) after 
 tax from continuing 
 operations                   3         242           (517)       (275)         (113)           (439)      (552) 
 
Attributable to: 
 Equity holders 
 of the parent company                  242           (517)       (275)         (113)           (439)      (552) 
                                 ==========  ==============  ==========  ============  ==============  ========= 
 
 
Continuing Operations 
 Earnings per share: 
 Basic loss per share         4                                 (0.81)p                                  (1.64)p 
Diluted loss per 
 shares                       4                                 (0.81)p                                  (1.64)p 
 

Group statement of comprehensive income

For year ended 31 March 2017

 
                                                     2017       2016 
                                                  GBP'000    GBP'000 
 
Loss for the year                                   (275)      (552) 
Other comprehensive income 
 
Items that will subsequently be reclassified 
 to profit or loss 
Foreign exchange translation differences              269         52 
 
Total comprehensive loss attributable to 
 equity holders of the parent                         (6)      (500) 
                                                =========  ========= 
 

Group statement of changes in equity

For year ended 31 March 2017

 
 
                                                                                Share 
                                                                                based     Profit 
                                   Share     Share    Merger  Trans-lation    payment   and loss 
                                 Capital   premium   reserve       reserve    reserve    account    Total 
                                 GBP'000   GBP'000   GBP'000       GBP'000    GBP'000    GBP'000  GBP'000 
 
Balance at 1 April 
 2015                              3,349     1,692     1,388            55        401      (455)    6,430 
 
Share based payment 
 charge                                -         -         -             -         59          -       59 
Write back of share 
 based payment reserve                 -         -         -             -      (160)        160        - 
Issue of new shares                   30         -         -             -          -          -       30 
 
 
Total transactions 
 with owners                          30         -         -             -      (101)        160       89 
Loss and total comprehensive 
 expense                               -         -         -            52          -      (552)    (500) 
                               ---------  --------  --------  ------------  ---------  ---------  ------- 
 
          Balance at 31 March 
                         2016      3,379     1,692     1,388           107        300      (847)    6,019 
 
Share based payment 
 charge                                -         -         -             -         24          -       24 
Write back of share 
 based payment reserve                 -         -         -             -       (15)         15        - 
 
 
Total transactions 
 with owners                           -         -         -             -          9         15       24 
Loss and Total Comprehensive 
 expense                               -         -         -           269          -      (275)      (6) 
                               ---------  --------  --------  ------------  ---------  ---------  ------- 
Balance at 31 March 
 2017                              3,379     1,692     1,388           376        309    (1,107)    6,037 
                               =========  ========  ========  ============  =========  =========  ======= 
 

Group statement of financial position

At 31 March 2017

 
                                                                  2017       2016 
                                                               GBP'000    GBP'000 
Assets 
Non current 
Goodwill                                                           391        391 
Intangible assets                                                  385        500 
Property, plant and equipment                                    4,300      3,796 
Investment in joint venture                                        684        216 
                                                             ---------  --------- 
                                                                 5,760      4,903 
Current 
Inventories                                                      2,662      2,258 
Trade and other receivables                                      4,692      3,550 
Cash and cash equivalents                                          642        855 
Corporation tax                                                     32         32 
                                                             ---------  --------- 
                                                                 8,028      6,695 
 
Assets held in disposal group classified as held for sale            -        765 
 
Total assets                                                    13,788     12,363 
                                                             =========  ========= 
 
Liabilities 
Current 
Trade and other payables                                       (3,464)    (2,434) 
Borrowings                                                     (4,013)    (3,677) 
Corporation tax                                                   (32)          - 
                                                               (7,509)    (6,111) 
Non-current 
Borrowings                                                       (126)       (98) 
Deferred tax                                                     (116)      (135) 
                                                             ---------  --------- 
                                                                 (242)      (233) 
 
 
Total liabilities                                              (7,751)    (6,344) 
 
Net assets                                                       6,037      6,019 
                                                             =========  ========= 
 
Equity attributable to owners of the parent 
Share capital                                                    3,379      3,379 
Share premium account                                            1,692      1,692 
Merger reserve                                                   1,388      1,388 
Translation reserve                                                376        107 
Share based payment reserve                                        309        300 
Profit and loss account                                        (1,107)      (847) 
Total equity                                                     6,037      6,019 
                                                             =========  ========= 
 

Group statement of cash flows

For year ended 31 March 2017

 
                                                                         2017        2016 
                                                                      GBP'000     GBP'000 
 
Cash flows from operating activities 
Loss after taxation from continuing operations                          (275)       (552) 
Adjustment for: 
- Depreciation                                                            513         704 
- Non-cash restructuring                                                  114           - 
- Net finance costs in income statement                                   218         207 
- Amortisation charge                                                     190         158 
- Share based payment charge                                               24          59 
- Share of joint venture operating losses                                  49          99 
- Taxation credit recognised in income statement                         (12)       (208) 
- (Increase)/Decrease in trade and other receivables                    (984)       1,329 
- Increase/(Decrease) in trade payables and other payables              1,003       (414) 
- Increase in inventories                                                (25)        (19) 
                                                                   ----------  ---------- 
 
Cash generated by continuing operations                                   815       1,363 
Interest paid                                                           (226)       (207) 
Income taxes paid                                                          25          66 
 
Net cash generated by operating activities                                614       1,222 
                                                                   ==========  ========== 
 
Cash flows from investing activities 
Proceeds of assets sold on disposal of business                         (157)           - 
Purchase of plant and equipment                                         (559)       (629) 
Purchase of intangible assets                                            (75)       (192) 
Net cash used in investing activities                                   (791)       (821) 
                                                                   ==========  ========== 
 
Cash flows from financing activities 
Issue of ordinary share capital                                             -          30 
Movement in short term borrowings                                          41       (201) 
Payment of finance lease liabilities                                     (77)        (69) 
                                                                   ----------  ---------- 
Net cash used in financing activities                                    (36)       (240) 
 
Net (decrease)/increase in cash and cash equivalents                    (213)         161 
 
Cash and cash equivalents at beginning of year                            855         694 
                                                                   ----------  ---------- 
 
Cash and cash equivalents at end of year                                  642         855 
                                                                   ==========  ========== 
 
 
   1          General information 

Tricorn Group plc and subsidiaries' (the 'Group') principal activities comprise high precision tube manipulation and systems engineering.

The Group's customer base includes major blue chip companies with world-wide activities in key market sectors, including Power Generation, Oil & Gas, Off Highway, Commercial Vehicles, Agriculture and Automotive.

Tricorn Group plc is the Group's ultimate parent company. It is incorporated and domiciled in the United Kingdom. The address of Tricorn Group plc's registered office, which is also its principal place of business, is Spring Lane, Malvern, Worcestershire, WR14 1DA. Tricorn Group plc's shares are quoted on the Alternative Investment Market of the London Stock Exchange.

The consolidated financial statements have been approved for issue by the Board of Directors on 6 June 2017. Amendments to the financial statements are not permitted after they have been approved.

The financial information set out in this final results announcement does not constitute statutory accounts as defined in Section 435 of the Companies Act 2006. The group income statement, the group statement of comprehensive income, the group statement of changes in equity, the group statement of financial position, the group statement of cash flows and the associated notes for the year ended 31 March 2017 have been extracted from the Group's financial statements upon which the auditor's opinion is unqualified and does not include any statement under Section 498 of the Companies Act 2006. The statutory accounts for the year ended 31 March 2017 will be delivered to the Registrar of Companies following the Group's Annual General Meeting.

   2    Accounting policies 

Basis of preparation

This financial information has been prepared under the required measurement bases specified under International Financial Reporting Standards (IFRS) and in accordance with applicable IFRS as adopted by the European Union and IFRS as issued by the International Accounting Standards Board.

The Group distinguishes between underlying and non-underlying items in its Consolidated Income Statement. Non-underlying items are material items which arise from unusual non-recurring or non-trading events. They are disclosed on the face of the Consolidated Income Statement where in the opinion of the Directors such disclosure is necessary in order to fairly present the results for the period. Non-underlying items comprise exceptional costs of Group restructuring, intangible assets amortisation and share based payment charges.

   3    Segmental reporting 

The Group operates two main business segments:

-- Energy: manipulated tubular assemblies for use in power generation, oil and gas and marine sectors.

-- Transportation: ferrous, non-ferrous and nylon material tubular assemblies for use in on and off-highway applications.

   3   Segmental reporting (continued) 

The financial information detailed below is frequently reviewed by the Chief Operating Decision maker.

 
 Year ended 31 March 2017                        Energy     Transport-ation    Unallocated       Total 
                                                GBP'000             GBP'000        GBP'000     GBP'000 
 Revenue 
 - from external customers                        4,924              13,595              -      18,519 
 - from other segments                              157                  40          (197)           - 
 Segment revenues                                 5,081              13,635          (197)      18,519 
 Underlying operating profit/(loss)*                280                 329          (112)         497 
 Restructuring charges                             (34)               (252)           (17)       (303) 
 Intangible asset amortisation                        -                   -          (190)       (190) 
 Share based payment charge                           -                   -           (24)        (24) 
 Operating profit/(loss)                            246                  77          (343)        (20) 
 
 Share of loss from joint venture                     -                   -           (49)        (49) 
 Net finance costs                                 (29)               (134)           (55)       (218) 
                                             ----------  ------------------  -------------  ---------- 
 Profit/(Loss) before tax                           217                (57)          (447)       (287) 
                                             ----------  ------------------  -------------  ---------- 
 
 Other segment information: 
  Segmental assets                                3,332              10,051            405      13,788 
 Capital expenditure                                184                 476              -         660 
 Depreciation                                       200                 311              2         513 
 
          *- Before intangible asset amortisation, share based payment charges and restructuring costs 
 
   3     Segmental reporting (continued) 
 
 
 Year ended 31 March 2016                Energy   Transportation   Unallocated      Total 
                                        GBP'000          GBP'000       GBP'000    GBP'000 
 
 Revenue 
 - from external customers                5,478           12,538             -     18,016 
 - from other segments                      329              191         (520)          - 
 Segment revenues                         5,807           12,729         (520)     18,016 
 Underlying operating profit/(loss)*         98               43         (108)         33 
 Restructuring charges                     (32)            (225)          (13)      (270) 
 Intangible asset amortisation                -                -         (158)      (158) 
 Share based payment charge                   -                -          (59)       (59) 
 Operating profit/ (loss)                    66            (182)         (338)      (454) 
 
 Share of loss from joint venture             -                -          (99)       (99) 
 Net finance costs                         (35)            (125)          (47)      (207) 
                                       --------  ---------------  ------------  --------- 
 Profit/(loss) before tax                    31            (307)         (484)      (760) 
                                       --------  ---------------  ------------  --------- 
 
 Other segment information: 
 
 Segmental assets                         2,573            9,137           653     12,363 
 Capital expenditure                        251              529             1        781 
 Depreciation                               271              431             2        704 
 

*- Before intangible asset amortisation, share based payment charges and restructuring costs.

The Group's revenue from external customers (by destination) and its geographic allocation of total assets may be summarised as follows:

 
                                     Year ended 
                                    31 March 2017 
                  Revenue  Non-current  Current Assets  Total Assets 
                              assets 
                  GBP'000      GBP'000         GBP'000       GBP'000 
 
United Kingdom      8,989        2,455           4,903         7,358 
Europe              1,086            -               -             - 
Rest of World       8,444        3,305           3,125         6,430 
                 --------  -----------  --------------  ------------ 
                   18,519        5,760           8,028        13,788 
                 ========  ===========  ==============  ============ 
 
 
 
                                        Year ended 
                                       31 March 2016 
                     Revenue  Non-current   Current assets  Total Assets 
                                 assets 
                     GBP'000       GBP'000         GBP'000       GBP'000 
 
United Kingdom         7,805         2,386           4,197         6,583 
Europe                 1,109             -               -             - 
Rest of World          9,102         2,517           3,263         5,780 
                   ---------  ------------  --------------  ------------ 
                      18,016         4,903           7,460        12,363 
                   =========  ============  ==============  ============ 
 
 
   4    Earnings per share 

The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends and/or interest, on the assumed conversion of all dilutive options and other dilutive potential ordinary shares.

Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below:

 
                                       31 March 2017 
                                   Weighted average  Loss per share 
                            Loss   number of shares 
                         GBP'000        Number '000           Pence 
 
Basic loss per share       (275)             33,795          (0.81) 
                         -------  -----------------  -------------- 
Dilutive shares                -                  -               - 
Diluted loss per share     (275)             33,795          (0.81) 
                         -------  -----------------  -------------- 
 
 
                                    31 March 2016 
                                  Weighted average   Loss per 
                           Loss    number of shares     Share 
                         GBP'000     Number '000        Pence 
 
Basic loss per share      (552)        33,646          (1.64) 
                         -------  -----------------  -------- 
Dilutive shares                           - 
Diluted loss per share    (552)        33,646          (1.64) 
                         -------  -----------------  -------- 
 
   4    Earnings per share (continued) 

The directors consider that the following adjusted earnings per share calculation is a more appropriate reflection of the Group's performance.

 
 
                                                31 March 2017 
                                                  Weighted 
                                                   average 
                                                 number of 
                                        Loss        shares     Loss per 
                                                                  share 
                                     GBP'000   Number '000        Pence 
 
 Basic loss per share                  (275)        33,795       (0.81) 
                                    --------  ------------  ----------- 
 Restructuring costs                     303 
 Amortisation of intangible asset        190 
 Share based payment charge               24 
 Adjusted earnings per share             242        33,795         0.72 
                                    --------  ------------  ----------- 
 Dilutive shares                           -             -            - 
 Diluted adjusted earnings per 
  share                                  242        33,795         0.72 
                                    --------  ------------  ----------- 
 
 
 
                                                31 March 2016 
                                                  Weighted 
                                                   average 
                                                 number of 
                                                    shares     Loss per 
                                        Loss                      share 
                                     GBP'000   Number '000        Pence 
 
 Basic loss per share                  (552)        33,646       (1.64) 
                                    --------  ------------  ----------- 
 Restructuring costs                     270 
 Amortisation of intangible asset        158 
 Share based payment charge               59 
 Adjusted loss per share                (65)        33,646       (0.19) 
                                    --------  ------------  ----------- 
 Dilutive shares                           -             -            - 
 Diluted adjusted loss per share        (65)        33,646       (0.19) 
                                    --------  ------------  ----------- 
 

There is no dilution to the basic or adjusted (loss)/earnings per share in 2017 or 2016 owing to a loss for the year being reported.

   5    Dividend 

The Board is not recommending the payment of a final dividend (2016: Nil pence).

   6    Availability 

Copies of this announcement will be available from the Company's registered office, Spring Lane, Malvern, Worcestershire, WR14 1DA, and on its website, www.tricorn.uk.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

FR BLGDLDXGBGRL

(END) Dow Jones Newswires

June 07, 2017 02:00 ET (06:00 GMT)

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