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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 |
From Dec 2019 to Dec 2024
TIDMTCN
RNS Number : 9054F
Tricorn Group PLC
21 July 2021
21 July 2021
Tricorn Group plc
Unaudited Interim Results
for the six months to 31 March 2021
Tricorn Group plc ('Tricorn', 'Company' or the 'Group'), (AIM: TCN.L) the tube manipulation specialist, announces its unaudited interim results for the six months to 31 March 2021 (the 'Period').
Summary
-- Customer demand improving and volumes returning to pre-COVID levels
-- Margins stabilised during the Period but material price inflation, delays in the supply chain and labour productivity are exerting significant downward pressure in subsequent months
-- Governance and controls significantly enhanced
-- Organisational changes at senior level have reduced costs and created a platform to drive forward the enhanced turnaround strategy
-- Secured Government funding in the UK of GBP0.5m through the CBILS Invoice Discount Top Up Facility
-- Received full forgiveness of the 1(st) draw Payroll Protection Program (PPP) of $0.7m in the US
-- Secured 2(nd) draw PPP facility in the US of $0.7m in April 2021
-- Cash and cash equivalents of GBP1.2m at 31 March 2021. The Group's cash and cash equivalents as at 20 July 2021 were approximately GBP0.65m
-- The Group is currently operating within its existing financing facilities but increasing pressure on margins and cashflow means that additional resources will be required in the short to medium term (see also Going Concern note 2)
-- Announced separately today the launch of a strategic review including a formal sale process
Financial Overview
Hot Features
Premium
Unaudited Unaudited Unaudited
6 months 6 months 18 months
March 2021 March 2020 Sept 2020
GBP'000 GBP'000 GBP'000
Revenue 8,335 8,453 25,371
EBITDA 713 (10) (5,624)
Adjusted EBITDA* 407 118 (4,976)
Loss before taxation (44) (774) (7,657)
Adjusted loss before taxation* (335) (572) (6,936)
Cash used in operations (848) (802) (1,877)
Cash and equivalents 1,197 766 665
Net debt** (5,243) (3,628) (4,851)
Basic earnings per share (0.06)p (2.03)p (18.81)p
Adjusted earnings per share * (0.65)p (1.51)p (17.04)p
* References to adjusted EBITDA and adjusted earnings per share are before intangible asset amortisation, share based payment charges, PPP forgiveness, restructuring costs and goodwill impairment and Rabun Gap start-up costs in the previous period.
** Before hire purchase agreements and lease liabilities mainly arising on the adoption of IFRS 16
Commenting on the results and the Group's prospects, Andrew Moss, Chairman of Tricorn, said:
"Since February 2020, as a result of the global pandemic, Tricorn has experienced an extended time span of challenging markets and turbulent trading. We have made significant changes to our senior executive team, who are focused on improving our operations and control environment 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.
However, poor material availability, relative to increasing demands coupled with input price inflation has continued to adversely impact the Group in the quarter to 30 June 2021. Whilst management are focused on recovering the cost impact from customers the timing delay in doing so is depressing margins and impacting cashflow in the near term.
While the Group is currently operating within its borrowing facilities and the Group's bankers remain supportive, these facilities alone will not provide the Group with the necessary cash to make the required investment to deliver the strategy and return the Group to profitable cash generation. There are a number of funding options available to the Group which are currently being considered by management and we have separately today announced the launch of a strategic review, including a formal sale process."
Enquiries:
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman Tel +44 (0)7768 306 701
Michael Stock, Chief Executive and Group Finance Director Tel +44 (0)7894 784 106 Arden Partners (Nominated Adviser and Broker) Tel +44 (0)20 7614 5900
Steve Douglas
Richard Johnson
Oscair McGrath
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 approximately 240 employees and has five manufacturing facilities in the UK, USA and China.
This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With publication of this announcement this information is now considered to be in the public domain.
Chairman's and Chief Executive's statement
Performance in the six months to 31 March 2021
The results of the Group for the six months ended 31 March 2021 (the 'Period') saw the Group returning to pre-COVID levels of revenue and a stabilisation of margins albeit the volumes are not yet at levels to generate profit.
Revenue at GBP8.335m for the period is slightly below revenue for the six months ended 31 March 2020 (the 'corresponding period') of GBP8.453m being the six months immediately preceding COVID. Loss before tax (which includes a credit of GBP0.5m from the write back of the 1(st) loan draw under the PPP which was forgiven in the period) was GBP0.044m (2020: loss GBP0.774m).
During the period the 1(st) loan draw under the Payroll Protection Plan (PPP) in the US of GBP0.5m ($0.7m) was forgiven, converting the loan into a grant.
In March 2021, the Group benefited from an additional GBP0.5m of funding pursuant to the CBILS Invoice Finance Top Up Facility. This facility, which is backed by a UK Government guarantee, operates within and alongside the Company's existing invoice discounting facility of GBP3.0m with HSBC UK. Additionally, in April 2021, the Group secured its 2(nd) loan draw under the PPP in the US of $0.7m.
Senior organisational changes triggered by the right-sizing of the balance sheet in the 18 months to September 2020, have created a platform to drive forward the enhanced turnaround strategy. The existing financing facilities, however, are insufficient to deliver this strategy and additional sources of finance are being sought including the launch of a strategic review including a formal sale process.
Business Review
The Group has five manufacturing facilities across UK, US and China. These locations make it ideally positioned to support its blue-chip OEM customer base, many of whom are seeking to localise supply and technical support for their facilities in these key regions.
UK
The Group has two manufacturing facilities in the UK located in West Bromwich and Malvern. The Malvern facility specialises in the design and manufacture of larger tubular assemblies and fabrications for engine, cooling and generator set applications. Its customer base serves the power generation, oil and gas, mining and marine applications markets. The West Bromwich facility is focused on rigid, nylon and hybrid tubular products for engines, hydraulic actuation, transmission lubrication and fuel sender sub-systems. Key end markets are on- and off-road applications including construction, trucks and agriculture.
Revenue at GBP5.368m was 4.7% up on the corresponding period (2020: GBP5.125m) reflecting a return to pre-COVID levels. This was after the impact of a customer entering into administration in the 3 month period to 31 March 2021 which adversely impacted sales and resulted in a modest non-recoverable debtor. Segmental loss was GBP0.302m (2020: loss GBP0.208m).
US
The US facility has similar operations to those in West Bromwich but has the additional capability of a custom built powder coat and wet spray painting line located in Rabun Gap, Georgia a short distance from its manufacturing facilities in Franklin, North Carolina.
Revenue of GBP3.097m was down 6.9% on the corresponding period (2020: GBP3.328m) but was predominantly driven by foreign exchange as the GBP strengthened against the US Dollar across these periods. The order book continues to strengthen whilst the challenge in the US is attracting and retaining the labour to meet this demand. The furlough support programmes in the US are making it difficult to secure labour. We anticipate that access to labour will improve when the programs come to a close, which we anticipate will occur in the Autumn. Segmental profit was GBP0.250m (2020: loss GBP0.360m) and was supported by the forgiveness of the 1(st) loan draw under the PPP of GBP0.5m ($0.7m) which was written back to profit in March 2021 (2020: GBPnil).
Joint venture
Our joint venture in China (Minguang-Tricorn Tubular Products) performed well with customer demand increasing and new business being won. The Group's share of profit for the 6 months ended 31 March 2021 was GBP0.09m (2020: GBP0.087m). The Group received a dividend in the period from the joint venture of GBP0.185m (2020: GBP0.172m).
Financial Review
Income Statement
Revenue for the Period of GBP8.335m decreased by 1.4% over the corresponding period (2020: GBP8.453m) due primarily to the impact of foreign exchange as the GBP strengthened against the US Dollar across these periods. This accounted for almost all of the revenue decline and adjusting for this impact, revenue is flat across the half year. In line with Group policy, when reporting the results for the 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's consolidated income statement.
Gross margins were broadly in line with the corresponding period at 36.6% (2020: 37.9%). The slight reduction of 1.3% was attributable to material price inflation which started to impact both the UK and the US in the latter months of the Period.
Distribution costs as a percentage of revenue increased 0.4% to 4.6% (2020: 4.2%) due to the additional cost incurred to expedite material from overseas in response to delays in supply chain deliveries and shortage of material.
General administration costs reduced by GBP0.734m to GBP2.590m (2022: GBP3.324m). GBP0.5m of this reduction is the write back of the 1(st) loan draw under the PPP which was forgiven in the Period. The further GBP0.234m reduction is represented by organisational changes at a senior level and the ongoing salary sacrifice reduction of the executive and non-executive board members.
After deducting intangible asset amortisation, share based payments and Rabun Gap start-up costs (incurred in the corresponding period only), the loss before tax for the Period was GBP0.044m (2020: GBP0.774m).
The basic and diluted loss per share for the Period was 0.06p (2020: 2.03p). The Board is not recommending the payment of a dividend.
Balance sheet and cashflow
Total assets at 31 March 2021 were GBP14.3m (September 2020: GBP14.2m) after recognising an asset of GBP2.626m (September 2020: GBP2.9m) relating to leases in accordance with IFRS16.
Total borrowings (net of cash and cash equivalents and having recognised the forgiveness of the 1(st) loan draw under the PPP in the US of GBP0.5m) in the Period of GBP8.188m have increased by GBP0.170m (September 2020: GBP8.018m). This increase has funded the trading losses through the Period in addition to an increase in working capital driven by planned increase in inventory levels, pressure from the supply chain as terms reduce, and an increase in customer overdues which are being actively managed.
Outlook
Since February 2020, as a result of the global pandemic, Tricorn has experienced an extended time span of challenging markets and turbulent trading. We have made significant changes to our senior executive team, who are focused on improving our operations and control environment 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.
However, poor material availability, relative to increasing demands coupled with input price inflation has continued to adversely impact the Group in the quarter to 30 June 2021. Whilst management are focused on recovering the cost impact from customers the timing delay in doing so is depressing margins and impacting cashflow in the near term.
While the Group is currently operating within its borrowing facilities and the Group's bankers remain supportive, these facilities alone will not provide the Group with the necessary cash to make the required investment to deliver the strategy and return the Group to profitable cash generation. There are a number of funding options available to the Group which are currently being considered by management and we have separately today announced the launch of a strategic review, including a formal sale process.
Andrew Moss Michael Stock Chairman Chief Executive 20 June 2021 20 June 2021
Group income statement
For the six months to 31 March 2021
Unaudited
6 month 6 month 6 month 6 month 18 month
period period period period period
ended ended ended ended ended
31 March 31 March 31 March 31 March 30 September
2021 2021 2021 2020 2020
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Underlying Non-underlying Group Group Group
Revenue 8,335 - 8,335 8,453 25,371
Cost of sales (5,286) - (5,286) (5,252) (17,723)
---------- -------------- ---------- ----------- -------------
Gross profit 3,049 3,049 3,201 7,648
Distribution costs (384) - (384) (357) (1,117)
Administration costs
- General administration costs (2,898) 308 (2,590) (3,324) (13,094)
- Goodwill impairment - - - - (391)
- Intangible asset amortisation - (15) (15) (74) (73)
- Rabun Gap start-up costs - - - (115) (115)
- Share based payment charge - (2) (2) (13) (142)
---------- -------------- ---------- ----------- -------------
Total administration costs (2,898) 291 (2,607) (3,526) (13,815)
Operating (loss)/profit (233) 291 58 (682) (7,284)
---------- -------------- ---------- ----------- -------------
Share of profit from joint
venture 90 - 90 87 124
Finance costs (192) - (192) (179) (497)
---------- -------------- ---------- ----------- -------------
Loss before tax (335) 291 (44) (774) (7,657)
Income tax credit/(charge) 15 - 15 (14) 12
---------- -------------- ---------- ----------- -------------
Loss after tax from continuing
operations (320) 291 (29) (788) (7,645)
Attributable to:
Equity holders of the parent
company (320) 291 (29) (788) (7,645)
========== ============== ========== =========== =============
Earnings per share:
Basic loss per share (0.06)p (2.03)p (18.81)p
Diluted loss per share (0.06)p (2.03)p (18.81)p
All of the activities of the Group are classed as continuing.
Group statement of comprehensive income
For the six months to 31 March 2021
Unaudited Unaudited Unaudited
6 month 6 month
period period 18 month
ended ended period ended
31 March 31 March 30 September
2021 2020 2020
GBP'000 GBP'000 GBP'000
Loss for the period (29) (788) (7,645)
Other comprehensive income
Items that will subsequently be reclassified
to profit or loss
Foreign exchange translation differences (16) 1 548
Total comprehensive expense attributable
to equity holders of the parent (45) (787) (7,097)
========= ========= ===============
Group statement of changes in equity
For the six months to 31 March 2021
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
2019 audited 3,379 1,692 1,388 14 385 453 7,311
Issue of new shares 50 - - - - - 50
Share based payment
charge - - - - 14 - 14
Total transactions
with owners 50 - - - 14 - 64
Total comprehensive
income - - - - - 170 170
Foreign exchange
translation differences - - - (46) - - (46)
--------- -------- -------- ------------ --------- --------- --------
Balance at 30 September
2019 unaudited 3,429 1,692 1,388 (32) 399 623 7,499
Share based payment
charge - - - - 13 - 13
Cost of new shares - - - - - (158) (158)
Issue of new shares 1,492 - - - - - 1,492
Dividends paid - - - - - (69) (69)
Total transactions
with owners 1,492 - - - 13 (227) 1,278
Total comprehensive
loss - - - - - (788) (788)
Foreign exchange
translation differences - - - 1 - - 1
Balance at 31 March
2020 unaudited 4,921 1,692 1,388 (31) 412 (392) 7,990
Share based payment
charge - - - - 115 - 115
Share option lapse - - - - (202) 202 -
Cost of issue of
new shares - - - - - 7 7
Total transactions
with owners - - - - (87) 209 122
Total comprehensive
loss - - - - - (7,027) (7,027)
Foreign exchange
translation differences - - - 593 - - 593
Balance at 30 September
2020 unaudited 4,921 1,692 1,388 562 325 (7,210) 1,678
Share based payment
charge - - - - 2 - 2
Share option lapse - - - - (130) 130 -
Total transactions
with owners - - - - (128) 130 2
Total comprehensive
loss - - - - - (29) (29)
Foreign exchange
translation differences - - - (16) - - (16)
Balance at 31 March
2021 unaudited 4,921 1,692 1,388 546 197 (7,109) 1,635
======= ======= ======= ===== ===== ========= =======
Group statement of financial position
At 31 March 2021
Unaudited Unaudited Unaudited
31 March 2021 31 March 2020 30 September 2020
GBP'000 GBP'000 GBP'000
Assets
Non-current
Goodwill - 391 -
Intangible assets 36 271 51
Property, plant and equipment 6,153 7,927 6,846
Investment in joint venture 968 1,219 1,104
------------- ------------- -----------------
7,157 9,808 8,001
Current
Inventories 2,115 3,119 1,828
Trade and other receivables 3,831 4,893 3,698
Cash and cash equivalents 1,197 766 665
Corporation tax - - -
------------- ------------- -----------------
7,143 8,778 6,191
Total assets 14,300 18,586 14,192
============= ============= =================
Liabilities
Current
Trade and other payables (3,217) (2,849) (3,753)
Borrowings (5,882) (4,979) (4,987)
Corporation tax (60) (61) (60)
(9,159) (7,889) (8,800)
Non-current
Borrowings (3,503) (2,682) (3,696)
Deferred tax (3) (25) (18)
------------- ------------- -----------------
(3,506) (2,707) (3,714)
Total liabilities (12,665) (10,596) (12,514)
Net assets 1,635 7,990 1,678
============= ============= =================
Equity attributable to owners of the parent
Share capital 4,921 4,921 4,921
Share premium account 1,692 1,692 1,692
Merger reserve 1,388 1,388 1,388
Translation reserve 546 (31) 562
Share based payment reserve 197 412 325
Profit and loss account (7,109) (392) (7,210)
Total equity 1,635 7,990 1,678
============= ============= =================
Group statement of cash flows
For the six months to 31 March 2021
Unaudited Unaudited Unaudited
18 month
6 month period
period ended 30
ended 31 September
6 month period ended 31 March 2021 March 2020 2020
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Loss after taxation from continuing operations (29) (788) (7,645)
Adjustment for:
- Depreciation 550 511 1,463
- Goodwill impairment - - 391
- Write off of intangibles - - 286
- Loss on fixed asset disposals - - 389
- Net finance costs in income statement 192 179 497
- Amortisation charge 15 74 73
- Share based payment charge 2 13 142
- Share of joint venture operating profit (90) (87) (124)
- Payroll protection program forgiveness (505) - -
- Taxation (credit)/charge recognised in income
statement (15) 14 (12)
- (Increase)/decrease in trade and other
receivables (206) 72 1,156
- Decrease in trade payables and other payables (459) (1,003) (101)
- (Increase)/decrease in inventories (344) 213 1,212
- FX movement 41 - 396
------------------------------------ ------------- ------------
Cash used in operations (848) (802) (1,877)
Interest paid (71) (179) (295)
Net cash used in operating activities (919) (981) (2,172)
==================================== ============= ============
Cash flows from investing activities
Purchase of plant and equipment (3) (161) (311)
Proceeds from plant and equipment sales - - 12
Net cash used in investing activities (3) (161) (299)
==================================== ============= ============
Cash flows from financing activities
Issue of ordinary share capital - 1,493 1,542
Costs of issue of ordinary share capital - (158) (151)
Dividends received from investments 185 172 303
Dividends paid - (69) (69)
Bank borrowings - - 1,000
Proceeds from overseas short term borrowing - - 627
Proceeds of UK short term borrowings 1,594 365 262
Payment of finance lease liabilities (300) (322) (871)
------------------------------------ ------------- ------------
Net cash generated from financing activities 1,479 1,482 2,643
Effect of exchange rate changes on cash and cash
equivalents (25) - -
Net increase in cash and cash equivalents 532 340 172
Cash and cash equivalents at beginning of period 665 426 493
------------------------------------ ------------- ------------
Cash and cash equivalents at end of period 1,197 766 665
==================================== ============= ============
1. Basis of preparation
These consolidated interim financial statements of the Group are for the six months ended 31 March 2021 and were approved by the Board of Directors on 20 July 2021. The condensed consolidated financial statements have not been audited and do not constitute the Group's statutory accounts as defined in section 435 of the Companies Act 2006.
The comparative figures for the financial period ended 30 September 2020 are the Group's statutory accounts for that financial year. Those statutory accounts have been reported on by the Group's auditor and delivered to the Registrar of Companies. The report of the auditor was disclaimed as the auditor was not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on those financial statements. The report of the auditor did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying its report and did not contain a statement under section 498 of the Companies Act 2006.
The condensed consolidated interim financial statements for the six months to 31 March 2021 do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's financial statements as at 30 September 2020.
The condensed consolidated interim financial statements for the six months to 31 March 2021 have not been audited or reviewed by an auditor pursuant to the Auditing Practices Board guidance on Review of Interim Financial Information.
The condensed consolidated interim financial statements for the six months to 31 March 2021 have been prepared on the basis of the accounting policies expected to be adopted by the Company for the year ending 30 September 2021. These are anticipated to be consistent with those set out in the Group's latest annual financial statements for the period ended 30 September 2020. These accounting policies are drawn up in accordance with adopted International Accounting Standards ('IAS') and International Financial Reporting Standards ('IFRS'), in accordance with the presentation, recognition and measurement criteria of: International Accounting Standards in conformity with the requirements of the Companies Act 2006, and the AIM Rules for Companies.
AIM-listed companies are not required to comply with IAS 34 'Interim Financial Reporting' and accordingly the Company has taken advantage of this exemption.
2. Going concern
In considering the going concern basis of preparation, the Directors have considered the Group's current trading performance, together with factors likely to affect its future development, performance and position. Updated cash flow forecasts have been considered, taking into account the financial position of the Group, forecasts and borrowing facilities.
It is anticipated that the impact of COVID-19, the significant incidence of material inflation and the shipping delays of imported material will continue to put pressure on operating costs and margins in the near term. While the Group is currently operating within its borrowing facilities, the near term reduction in profitability and the increased pressure on working capital mean that these facilities alone will not provide the Group with the necessary cash to make the required investment to deliver the turnaround strategy and return the Group to profitable cash generation.
As disclosed in the statutory accounts for the period ended 30 September 2020, the Group requires substantial investment within the next 12 months in order to return the Group to cash generative activity levels. The Directors have considered the going concern basis and in line with that disclosed in the statutory accounts for the period ended 30 September 2020, as at the date of approval of these interim financial statements the requirement for further funding over and above the existing facilities and the requirement for ongoing support from the Group's their bankers not to recall facilities repayable on demand present material uncertainties which cast significant doubt over the Group's ability to continue as a going concern.
3. Segmental reporting
Segmental results are reported on a geographic basis as follows:-
-- United Kingdom - Comprising all UK based trading divisions
-- North America - Comprising all North America based trading divisions
Unaudited Unaudited
Six months to 6 month period ended 31 6 month period ended 31 Unaudited 18 month period
31 March 2021 (unaudited) March 2021 March 2020 ended 30 September 2020
GBP'000 GBP'000 GBP'000
Revenue
- United Kingdom 5,368 5,125 15,263
- North America 3,097 3,328 10,332
Total segment revenue 8,465 8,453 25,595
Reconciliation to
consolidated revenue:
Intra-group revenue (130) - (224)
8,335 8,453 25,371
Profit before tax
- United Kingdom (302) (208) (4,466)
- North America 250 (360) (2,033)
Total segment profit before
tax (52) (568) (6,499)
Reconciliation to
consolidated profit before
tax
Share of profit from joint
venture 90 87 124
Central costs (65) (91) (561)
Non-underlying items (17) (202) (721)
(44) (774) (7,657)
---------------------------- ---------------------------- ---------------------------
4. Non-underlying items
Unaudited Unaudited
6 month period ended 31 6 month period ended 31 Unaudited 18 month period
March 2021 March 2020 ended 30 September 2020
GBP'000 GBP'000 GBP'000
PPP forgiveness(1) (505) - -
Restructuring costs(2) 197 - -
Share based payment charge 2 13 142
Intangible asset
amortisation 15 74 73
Goodwill impairment - - 391
Rabun Gap start-up costs - 115 115
(291) 202 721
1 Forgiveness of the Payroll Protection Program of $0.7m in the US
2 Restructuring costs incurred during the period relate predominantly to severance costs incurred from the review of the cost base in the UK
5. Earnings per share
Earnings per share are as follows:
Unaudited Unaudited Unaudited
6 month 6 month 18 month
period ended period ended period ended
31 March
2021 31 March 2020 30 September 2020
Pence per share Pence per share Pence per share
Basic earnings per share (0.06) (2.03) (18.81)
Diluted earnings per share (0.06) (2.03) (18.81)
Adjusted basic earnings per share (0.65) (1.51) (17.04)
Adjusted diluted earnings per share (0.65) (1.51) (17.04)
The calculation of basic and adjusted earnings per share are based upon:
Unaudited Unaudited Unaudited
6 month 6 month 18 month
period ended period ended period ended
31 March
2021 31 March 2020 30 September 2020
GBP'000 GBP'000 GBP'000
Earnings for basic and diluted earnings per share (29) (788) (7,645)
Non-underlying items (291) 202 721
------------- ------------- -----------------
Earnings for adjusted basic and adjusted diluted earnings per share (320) (586) (6,924)
Unaudited Unaudited Unaudited
6 month 6 month 18 month
period ended period ended period ended
31 March
2021 31 March 2020 30 September 2020
Number of shares Number of Number of shares
shares
Weighted average number of shares - basic calculation 49,219 38,862 40,640
Dilutive shares - - -
---------------- ------------- -----------------
Weighted average number of shares - diluted calculation 49,219 38,862 40,640
6. Taxation
The income tax credit for the period is based on the estimated rate of corporation tax that is likely to be effective for the year ending 30 September 2021.
7. Dividend
The Board is not recommending the payment of a dividend for the period ended 31 March 2021 (2020: GBPnil).
8. Availability
Copies of this announcement are available from the Company's registered office, Spring Lane, Malvern Link, Malvern, Worcestershire, WR14 1DA, and on its website, www.tricorn.uk.com.
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