Tricorn Group PLC - pipe manufacturer based in Malvern, Worcestershire - Concerning balance sheet exposure risk of GBP3.6 million, including GBP1.0 million in inter-company imbalance and GBP1.0 million out of GBP2.5 million in adjustments in the UK.
GBP200,000 of the inter-company imbalance is attributed to foreign exchange movements identified in year ended March 31, 2019. Tricorn is currently looking to identify the remaining imbalance.
In addition, the GBP1.0 million adjustment in the UK was identified as relating to an understatement of historic liabilities, which will be recognised for the 18 months to the end of September.
Looking ahead, group will conduct further stocktake at both of its UK sites in December. Since update in November, trading has remained largely unchanged.
Current stock price: 5.50 pence
Year-to-date change: down 46%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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