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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 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2019 to Apr 2024
TIDMTCN
RNS Number : 8273A
Tricorn Group PLC
03 June 2019
3 June 2019
Tricorn Group plc
Final Results
For the year ended 31 March 2019
Tricorn Group plc ('Tricorn' or the 'Group'), (AIM: TCN.L) the tube manipulation specialist, announces its audited final results for the year ended 31 March 2019.
Highlights
-- Revenue up 2.6% to GBP22.763m -- Profit before tax up 31.6% to GBP1.088m -- Improved profitability of the Transportation Division -- Continued strong growth in profits from the China Joint Venture -- Recommended final dividend of 0.2p per share -- US expansion announced post year end
Financial Summary
Hot Features
Premium
2019 2018
GBP'000 GBP'000
Revenue 22,763 22,180
EBITDA* 1,872 1,575
Profit before tax* 1,088 827
Cash generated by operations 1,189 1,532
Cash and equivalents 493 692
Net debt (3,290) (2,982)
Recommended final dividend per share 0.2p Nil
Earnings per share - basic* 3.02p 2.65p
* All references to EBITDA, profit before tax and earnings per share are before intangible asset amortisation, share based payment charges and fair value charges relating to foreign exchange contracts.
Commenting on the results and the Group's prospects, Andrew Moss, Chairman of Tricorn, said:
"I am delighted to report that Group revenues increased 2.6% in the year whilst profit before tax improved by 31.6% to GBP1.088m. Earnings per share increased by 14.0% to 3.02p. These results reflect our focus on growth and our continuing investment in our global operations.
Our Transportation division delivered strong revenue growth coupled with improved margins. The increased contribution from our joint venture in China resulted from strong operational performance.
We are excited by the recently announced expansion of our capabilities in the USA. This allows us to bring in-house previously sub-contracted painting processes and also addresses our plans to broaden our product offering in this key market.
Given the progress made to date and our confidence in the future prospects of the Group, the Board is recommending the reinstatement of a final dividend of 0.2p per share."
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 five manufacturing facilities in the UK, USA and China.
Chairman's and Chief Executive's statement
Performance in the year ended 31 March 2019
Revenue for the year at GBP22.763m was 2.6% higher than the previous year (2018: GBP22.180m)
New business growth in the Transportation division more than offset the reduction in revenue in the Energy division which, as anticipated, saw significantly lower demand from the power generation rental sector. The Company's joint venture in China continues to perform well.
Underlying profit before tax at GBP1.088m was up 31.6% on the previous year (2018: GBP0.827m).
Post year end, the Group announced that it had extended its capabilities in the USA with the purchase of a custom built, installed and fully operational, powder coat and wet spray painting line. The paint line is located at Rabun Gap close to the Group's existing facility and will provide up to 100,000 square feet of additional manufacturing space. This allows previously sub-contracted painting processes to be brought in-house and also addresses plans to broaden its product offering in the USA.
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 2019 was GBP17.052m (2018: GBP15.901m) and underlying profit before tax increased by 38.8% to GBP0.569m (2018: GBP0.410m).
In the USA, Tricorn USA continued to make good progress. Market conditions were favourable and the pipeline of new business opportunities remains encouraging. A tight labour market presented challenges in recruiting and retaining skilled employees especially in the first half, however, these were largely overcome by year end. Post year end, as set out above, the Group announced that it had extended its capabilities in the USA with the purchase of a custom built, installed and fully operational, powder coat and wet spray painting line.
In the UK, the West Bromwich facility made excellent progress on all fronts. The rigid hydraulic tube business continues to grow and production has commended successfully on the brake pipe assembly business for the London Electric Vehicle Company. In addition, the operation invested in an in-house tube cutting cell that yielded significant efficiency gains through the latter part of the year.
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.
The Malvern facility made good progress in developing new business opportunities and in improving operational performance. Testing of the proposed new IT system, as utilised in West Bromwich, progressed well and will provide further efficiency gains once deployed. External revenue for the year at GBP5.711m was lower (2018: GBP6.279m) with, as anticipated, lower demand from the power generation rental sector. Underlying profit before tax at GBP0.472m was also down on the previous year (2018: GBP0.567m) with efficiency gains helping to offset some of the impact of the lower volume.
China
Our Chinese joint venture, Minguang-Tricorn Tubular Products, performed well. Market conditions softened slightly in the second half of the year but the strong operational performance saw the Group's share of profit before tax increase to GBP0.282m, up 34.9% (2018: GBP0.209m).
Business Review
The Group's five manufacturing facilities 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 firmly established in each of these key locations and performing well, the Group is ideally positioned to support its customers' facilities as they continue to seek to localise supply and technical support.
Historically, the Group's two main business divisions have focused on the transportation and energy sectors. As a result of Tricorn's geographic expansion, the Board has carried out a review of the Group's organisational structure and concluded that the current structure was no longer appropriate. As a result, post year end, the Group's brands have been consolidated into the following geographic divisions:
-- Tricorn UK: comprising Malvern Tubular Components and Maxpower Automotive;
-- Tricorn USA: comprising Franklin Tubular Products and the recently announced expansion at Rabun Gap;
-- The joint venture in China remains as Minguang-Tricorn Tubular Products
Financial Review
The Group built on the good trading performance of the prior year and continued to expand on its manufacturing capability which resulted in solid improvements in both revenue and profitability. The Group has made a point over recent years of making considerable investment where it believes that this will yield significant benefits in the short and medium term. This was again the case in the year, with investments being made in tangible assets and development costs to secure contracts with new and existing customers, which are already beginning to deliver returns.
All of the Group's subsidiary businesses were again profitable in the year. Group EBITDA for the year was GBP1.872m (2018: GBP1.575m) and underlying profit before tax at GBP1.088m (2018: GBP0.827m).
Income Statement
Revenue for the year, at GBP22.763m, increased by 2.6% (2018: GBP22.180m). Whilst revenue in the Energy division was lower than the prior financial year, this was more than offset by an increase in demand within the Transportation division. In line with Group policy when reporting the results for its joint venture in China, the Group has reported its share of the profit before tax whilst the revenue figure for the joint venture is not reported in the Group consolidated income statement.
Gross margins were up slightly at 38.4% (2018: 38.3%) and distribution costs were largely unchanged at GBP1.022m (2018: GBP1.005m). While the Group's administration costs increased to GBP6.701m (2018: GBP6.646m), operational gearing reduced to 29.4% (2018: 29.9%).
The Group's Chinese joint venture, Minguang-Tricorn Tubular Products, showed further growth in profitability over the prior year, with the Group's share of profit for the year increasing to GBP0.282m (2018: GBP0.209m).
EBITDA for the year was GBP1.872m (2018: 1.575m). Finance costs for the year were GBP0.209m (2018: GBP0.226m) and the Group delivered an underlying profit before tax for the year of GBP1.088m (2018: GBP0.827m).
After deducting intangible asset amortisation and share based payment charges, the profit before tax was GBP0.950m (2018: GBP0.606m).
Basic earnings per share (EPS) was 2.62p (2018: 2.00p) and after adjusting for non-underlying items, the underlying EPS was 3.02p (2018: 2.65p).
Given the progress made and our confidence in the future prospects of the Group, the Board is recommending the reinstatement of a final dividend of 0.2p per share (2018: Nil). If approved by the shareholders at the Company's Annual General Meeting, to be held on 11 September 2019, the dividend will be paid on 18 October 2019 to all shareholders who are on the register on 4 October 2019.
Cash Flow
The Group's cashflow from operations in the year was GBP1.189m (2018: GBP1.532m) and it achieved a cash generated by operations to EBITDA ratio of 0.64:1 (2018: 0.97:1). This was below the target ratio of 1:1 largely as a result of adverse working capital movements, particularly on creditors. Part of this is a timing issue at the year end on supplier payments, with director incentive payments during the year also having an impact.
After interest payments and net tax receipts, cash generated by operating activities was GBP0.943m (2018: GBP1.321m).
During the year, the net cash outflow from investing activities was GBP1.001m (2018: GBP0.696m). Expenditure on the purchase of plant and machinery was GBP0.723m (2018: GBP0.696m). In addition, the Group had expenditure of GBP0.278m (2018: Nil) on intangible assets. In a number of instances, the Group makes the decision to invest in order to develop the capabilities and infrastructure required to support a particular customer contract. During the financial year, the Group secured a contract where an existing customer was outsourcing work which it had previously manufactured in-house. This required a level of investment by the Group to transfer and develop the manufacturing processes, equipment, tooling and know-how. This expenditure is reported by the Group as an intangible asset.
As a result of the Group's expenditure on investing activities in the year, net debt increased over the prior year to GBP3.290m (2018: GBP2.982m), cash and cash equivalents were GBP0.493m (2018: GBP0.692m) and gearing was 45.0% (2018: 47.6%).
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 and had no covenants on its borrowings.
Balance Sheet
Total assets of the Group as at 31 March 2019 were GBP15.044m, which was GBP0.685m higher than the prior year, driven mainly by the increase in the value of the Group's investment in its joint venture in China and increases in tangible and intangible assets, as discussed above. Net working capital for the Group increased in the year to GBP4.040m (2018: GBP3.475m).
On translation of its overseas assets and liabilities, the Group made an exchange gain of GBP0.125m (2018: loss GBP0.487m). 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 GBP0.014m surplus (2018: deficit GBP0.111m).
People
The Board would like to take the opportunity to thank all our employees for their hard work and support throughout the year. Their commitment and dedication ensures that we continue to drive the business forward and deliver quality products to our customers.
Outlook
We are delighted to report that Group revenues increased by 2.6% in the year whilst profit before tax improved by 31.6% to GBP1.088m. Earnings per share increased by 14.0% to 3.02p. These results reflect our focus on growth and our continuing investment in our global operations.
Our Transportation division delivered strong revenue growth coupled with improved margins. The increased contribution from our joint venture in China resulted from strong operational performance.
We are excited by the recently announced expansion of our capabilities in the USA. This allows us to bring in-house previously sub-contracted painting processes and also addresses our plans to broaden our product offering in this key market.
Given the progress made to date and our confidence in the future prospects of the Group, the Board is recommending the reinstatement of a final dividend of 0.2p per share.
Andrew Moss Mike Welburn Chairman Chief Executive
Group income statement
For year ended 31 March 2019
Note
2019 2019 2019 2018 2018 2018
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Underlying Non-underlying Group Underlying Non-underlying Group
Revenue 3 22,763 - 22,763 22,180 - 22,180
Cost of sales (14,025) - (14,025) (13,685) - (13,685)
---------- -------------- ---------- ------------ -------------- ----------
Gross profit 8,738 - 8,738 8,495 - 8,495
Distribution costs (1,022) - (1,022) (1,005) - (1,005)
Administration costs
- General administration
costs (6,701) - (6,701) (6,646) - (6,646)
- Restructuring
costs - - - - - -
- Intangible asset
amortisation - (102) (102) - (175) (175)
- Fair value charge
relating to forward
exchange contracts - - - - (6) (6)
- Share based payment
charge - (36) (36) - (40) (40)
Total administration
costs (6,701) (138) (6,839) (6,646) (221) (6,867)
---------- -------------- ---------- ------------ -------------- ----------
Operating profit/(loss) 3 1,015 (138) 877 844 (221) 623
---------- -------------- ---------- ------------ -------------- ----------
Share of profit
from joint venture 282 - 282 209 - 209
Finance costs (209) - (209) (226) - (226)
---------- -------------- ---------- ------------ -------------- ----------
Profit/(loss) before
tax 3 1,088 (138) 950 827 (221) 606
Income tax (charge)/credit (66) - (66) 70 - 70
---------- -------------- ---------- ------------ -------------- ----------
Profit/(loss) after
tax from continuing
operations 1,022 (138) 884 897 (221) 676
Attributable to:
Equity holders
of the parent company 1,022 (138) 884 897 (221) 676
========== ============== ========== ============ ============== ==========
Earnings per share:
Basic earnings
per share 4 2.62p 2.00p
Diluted earnings
per share 4 2.39p 1.86p
All of the activities of the Group are classed as continuing.
Group statement of comprehensive income
For year ended 31 March 2019
2019 2018
GBP'000 GBP'000
Profit for the year 884 676
Other comprehensive income
Items that will subsequently be reclassified
to profit or loss
Foreign exchange translation differences 125 (487)
Total comprehensive income attributable
to equity holders of the parent 1,009 189
========= =========
Group statement of changes in equity
For year ended 31 March 2019
Share Share
Capital based Profit
Share Merger Trans-lation payment and loss
premium reserve reserve reserve account Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 April
2017 3,379 1,692 1,388 376 309 (1,107) 6,037
Share based payment
charge - - - - 40 - 40
Total transactions
with owners - - - - 40 - 40
Profit and total
comprehensive income - - - (487) - 676 189
--------- --------- --------- ------------ --------- --------- ---------
Balance at 31 March
2018 3,379 1,692 1,388 (111) 349 (431) 6,266
Share based payment
charge - - - - 36 - 36
_________ _________ _________ _________ _________ _________ _________
Total transactions
with owners - - - - 36 - 36
Profit and Total
Comprehensive income - - - 125 - 884 1,009
--------- --------- --------- ------------ --------- --------- ---------
Balance at 31 March
2019 3,379 1,692 1,388 14 385 453 7,311
========= ========= ========= ============ ========= ========= =========
Group statement of financial position
At 31 March 2019
2019 2018
GBP'000 GBP'000
Assets
Non current
Goodwill 391 391
Intangible assets 401 210
Property, plant and equipment 4,668 4,325
Investment in joint venture 1,191 917
--------- ---------
6,651 5,843
Current
Inventories 3,040 2,867
Trade and other receivables 4,854 4,957
Cash and cash equivalents 493 692
Corporation tax 6 -
--------- ---------
8,393 8,516
Total assets 15,044 14,359
========= =========
Liabilities
Current
Trade and other payables (3,854) (4,349)
Borrowings (3,675) (3,522)
Fair value of foreign exchange contracts - (6)
Corporation tax (70) (39)
(7,599) (7,916)
Non-current
Borrowings (109) (152)
Deferred tax (25) (25)
--------- ---------
(134) (177)
Total liabilities (7,733) (8,093)
Net assets 7,311 6,266
========= =========
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 14 (111)
Share based payment reserve 385 349
Profit and loss account 453 (431)
Total equity 7,311 6,266
========= =========
Group statement of cash flows
For year ended 31 March 2019
2019 2018
GBP'000 GBP'000
Cash flows from operating activities
Profit after taxation from continuing operations 884 676
Adjustment for:
- Depreciation 575 522
- Non-cash restructuring - -
- Net finance costs in income statement 209 226
- Charge relating to foreign exchange derivative contract - 6
- Amortisation charge 102 175
- Share based payment charge 36 40
- Share of joint venture operating profit (282) (209)
- Taxation charge/(credit) recognised in income statement 66 (70)
- Decrease/(Increase) in trade and other receivables 229 (443)
- (Decrease)/Increase in trade payables and other payables (542) 950
- Increase in inventories (88) (341)
--------- ---------
Cash generated by operations 1,189 1,532
Interest paid (246) (220)
Income taxes received - 9
Net cash generated by operating activities 943 1,321
========= =========
Cash flows from investing activities
Proceeds of assets sold on disposal of business - -
Purchase of plant and equipment (723) (696)
Additions in intangible assets (278) -
Net cash used in investing activities (1,001) (696)
========= =========
Cash flows from financing activities
Issue of ordinary share capital - -
Proceeds/(repayment) of overseas short term borrowing 304 (439)
Repayment of short term borrowings (361) (60)
Payment of finance lease liabilities (84) (76)
--------- ---------
Net cash used in financing activities (141) (575)
Net (decrease)/increase in cash and cash equivalents (199) 50
Cash and cash equivalents at beginning of year 692 642
--------- ---------
Cash and cash equivalents at end of year 493 692
========= =========
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 AIM market of the London Stock Exchange.
The consolidated financial statements have been approved for issue by the Board of Directors on 31 May 2019. 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 2019 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 2019 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.
Adoption of new standards
Revenue recognition
Revenue arises from the sale of tubular components to customers. To determine whether to recognise revenue, the Group follows a 5-step process:
1 Identifying the contract with a customer 2 Identifying the performance obligations 3 Determining the transaction price 4 Allocating the transaction price to the performance obligations 5 Recognising revenue when/as performance obligation(s) are satisfied.
The Group contracts with customers to deliver specific products to the customer. At the start of the contract, the total transaction price is estimated as the amount of consideration to which the Group expects to be entitled in exchange for transferring the promised goods to the customer. This is a fixed sales price, discounts are not offered and amounts are not refundable once received. Control transfers at the point in time the customer takes delivery of the goods, and this is the point at which revenue is recognised. Invoices are due on receipt by the customer.
Financial instruments
IFRS 9 'Financial Instruments' replaces IAS 39 and makes changes to guidance on the classification and measurement of financial assets and introduces an 'expected credit loss' model for the impairment of financial assets. When adopting IFRS 9, the directors have considered the historical credit losses experienced in relation to trade receivables and concluded that the adoption of IFRS 9 does not have a material impact on the financial statements.
There have been no changes to the classifications of financial assets.
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.
The financial information detailed below is frequently reviewed by the Chief Operating Decision maker.
Year ended 31 March 2019 Energy Transport-ation Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
- from external customers 5,711 17,052 - 22,763
- from other segments 59 - (59) -
Segment revenues 5,770 17,052 (59) 22,763
Underlying operating profit/(loss)* 508 717 (210) 1,015
Intangible asset amortisation - - (102) (102)
Share based payment charge - - (36) (36)
Operating profit/(loss) 508 717 (348) 877
Share of profit from joint venture - - 282 282
Net finance costs (36) (148) (25) (209)
-------- ---------------- ------------ ---------
Profit/(Loss) before tax 472 569 (91) 950
-------- ---------------- ------------ ---------
Other segment information:
Segmental assets 3,377 9,822 1,880 15,079
Capital expenditure 331 415 2 748
Depreciation 202 371 2 575
* Before intangible asset amortisation and share based payment charges
3 Segmental reporting (continued)
Year ended 31 March 2018 Energy Transportation Unallocated Total
GBP'000 GBP'000 GBP'000 GBP'000
Revenue
- from external customers 6,279 15,901 - 22,180
- from other segments - - - -
Segment revenues 6,279 15,901 - 22,180
Underlying operating profit/(loss)* 604 512 (272) 844
Fair value charge relating to forward exchange contracts - - (6) (6)
Intangible asset amortisation - - (175) (175)
Share based payment charge - - (40) (40)
Operating profit/(loss) 604 512 (493) 623
Share of profit from joint venture - - 209 209
Net finance costs (37) (102) (87) (226)
-------- --------------- ------------ ---------
Profit/(Loss) before tax 567 410 (371) 606
-------- --------------- ------------ ---------
Other segment information:
Segmental assets 3,249 9,508 1,602 14,359
Capital expenditure 299 526 3 828
Depreciation 121 400 1 522
* Before intangible asset amortisation, share based payment charges and fair value charges on foreign exchange contracts.
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 2019
Revenue Non-current Current Assets Total Assets
assets
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 10,877 3,678 5,047 8,725
Europe 750 - - -
North America 10,620 2,973 3,198 6,171
Rest of World 516 - 148 148
-------- ----------- -------------- ------------
22,763 6,651 8,393 15,044
======== =========== ============== ============
Year ended
31 March 2018
Revenue Non-current Current assets Total Assets
assets
GBP'000 GBP'000 GBP'000 GBP'000
United Kingdom 10,805 3,392 5,142 8,543
Europe 825 - - -
North America 9,861 2,451 3,159 5,610
Rest of World 689 - 215 215
-------- ----------- -------------- ------------
22,180 5,843 8,516 14,359
======== =========== ============== ============
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 2019
Weighted average Earnings per
Profit number of shares share
GBP'000 Number '000 Pence
Basic earnings per share 884 33,795 2.62
-------- ----------------- ------------
Dilutive shares - 3,248 -
Diluted earnings per share 884 37,043 2.39
-------- ----------------- ------------
31 March 2018
Weighted average Earnings per
Profit number of shares share
GBP'000 Number '000 Pence
Basic earnings per share 676 33,795 2.00
-------- ----------------- ------------
Dilutive shares - 2,546 -
Diluted earnings per share 676 36,341 1.86
-------- ----------------- ------------
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 2019
Weighted
average
number of
Profit shares Earnings
per share
GBP'000 Number '000 Pence
Basic earnings per share 884 33,795 2.62
---------------- ------------ -------------
Amortisation of intangible asset 102
Share based payment charge 36
Adjusted earnings per share 1,022 33,795 3.02
---------------- ------------ -------------
Dilutive shares - 3,248 -
Diluted adjusted earnings per
share 1,022 37,043 2.76
---------------- ------------ -------------
31 March 2018
Weighted
average
number of
Profit shares Profit per
share
GBP'000 Number '000 Pence
Basic earnings per share 676 33,795 2.00
---------------- ------------ ---------------
Fair value of foreign exchange
contracts 6
Amortisation of intangible asset 175
Share based payment charge 40
Adjusted earnings per share 897 33,795 2.65
---------------- ------------ ---------------
Dilutive shares - 2,546 -
Diluted adjusted earnings per
share 897 36,341 2.47
---------------- ------------ ---------------
5 Dividend
The Board is recommending the reinstatement of a final dividend for the financial year of 0.2p per share. If approved by shareholders at the Company's Annual General Meeting, to be held on 11 September 2019, the dividend will be paid on 18 October 2019 to all shareholders who are on the register on 4 October 2019.
6 Availability
Copies of this announcement are 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
FR BUGDUIUXBGCB
(END) Dow Jones Newswires
June 03, 2019 02:00 ET (06:00 GMT)
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