LONDON (Alliance News) - Tricorn Group PLC on Tuesday said it expects first half revenue to come in 12% lower than the same period a year earlier, as the markets in which it operates remained "weak".
The tube manipulation specialist said, however, that revenue for the half-year ended September 30 is expected to be around 11% higher than that achieved for the six months ended March 31. Revenue for the second half of its prior financial year was GBP18.0 million.
Tricorn said that while markets continued to be weak, new business wins in both the US and the UK delivered rental growth over the prior period.
Adjusted pretax profit for the first half is expected to be in line with its expectations, Tricorn said, and results for the full year are expected in line with market expectations.
In China, Tricorn said its project to combine the activities of its facility with its joint venture into a single operation was completed to plan.
Tricorn will release its interim results on December 7.
Shares in Tricorn were up 0.8% at 10.59 pence on Tuesday morning.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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