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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 0.0% 7.75 7.50 8.00 7.75 7.75 7.75 26,774 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Industrial Engineering 22.8 1.0 2.6 3.0 4

Tricorn Group PLC Trading Update

04/06/2020 7:00am

UK Regulatory (RNS & others)


Tricorn (LSE:TCN)
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From May 2020 to Aug 2020

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RNS Number : 8867O

Tricorn Group PLC

04 June 2020

4 June 2020

Tricorn Group plc

("Tricorn" or the "Group")

Trading Update

Further to its announcement on 2 April 2020 of a change in its year end from 31 March to 30 September, Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, provides the following trading update ahead of the release on 23 June 2020 of its unaudited interim results for the six months ended 31 March 2020.

Whilst the Group's Chinese Joint Venture has continued to operate normally following the reopening of its facility on 15 February 2020, the impact of COVID-19 has, as detailed in the Group's announcement on 20 March 2020, created significant disruption elsewhere within the Group.

Both Tricorn's UK facilities were temporarily closed on 25 March 2020 amidst safety concerns for employees and following serious disruption to supply chains and numerous customer closures. The Group's USA facilities closed a few days later with similar concerns and challenges.

Revenue and EBITDA* for the six months ended 31 March 2020 were significantly impacted and are expected to be respectively approximately 20% and 87% lower than in the six months ended 30 September 2019.

Most of the Group's UK and US employees were furloughed from the end of March, with the remaining key staff focused on ensuring that the Group's facilities were in full compliance with the latest Government guidelines to allow an early and safe restart once supply chains and customer demand were re-established.

The Group's UK and US facilities reopened from 20 April onwards, albeit with reduced staffing levels and employees continuing to work from home wherever possible.

While trading at the Group's UK Malvern facility has returned to pre-COVID-19 levels, the UK West Bromwich and USA facilities continue to experience significantly lower demand.

The Group has retained the vast majority of its employees whilst its assessment of future customer demand is evaluated and current furlough schemes are utilised.

The UK Job Retention Scheme and the USA furlough scheme have been utilised by the Group and GBP0.55m has also been obtained through the USA Payroll Protection Program. The Group has also secured an additional GBP1.0 million of funding through the Coronavirus Business Interruption Loan Scheme facility from its existing bank, HSBC. This loan has a 6-year term with the first year being free of interest and capital repayments and an interest rate thereafter of 3.99% over base. Combined with the other measures taken, this provides the Group, as of 1 June 2020, with cash headroom of GBP1.8 million.

The Board continues to focus on the safety of the Group's employees, supporting its customers, to whom it is continuing to stay close, and mitigating the impact of the lower revenues on the Group's profitability.

Tricorn will provide a further update in its interim results announcement on 23 June 2020.

*All references to EBITDA are before intangible asset amortisation, share based payment charges and Rabun Gap start up costs

For further information please contact:

 
 Tricorn Group plc 
 Mike Welburn, Chief Executive        Tel +44 (0)1684 569956 
 Phil Lee, Group Finance Director         www.tricorn.uk.com 
 
 Shore Capital 
 Tom Griffiths                      Tel + 44 (0)20 7408 4080 
  Henry Willcocks 
 

Notes to Editors:

Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.

Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in China, USA and UK.

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

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June 04, 2020 02:00 ET (06:00 GMT)

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