LONDON (Alliance News) - Tube manipulation specialist Tricorn Group PLC Wednesday said that whilst it anticipates its markets will remain challenging, it expects to make further progress in its current year as it posted a narrowed pretax loss for its recently ended financial year.
For the year to end-March the company reported a pretax loss of GBP36,000, narrowed from a pretax loss of GBP574,000 a year before, as revenue was flat at GBP21.2 million. In the previous year, the company incurred restructuring costs of GBP164,000 and start-up costs in China of GBP104,000.
The company's previous year results have been restated to exclude businesses that have been discontinued.
Tricorn said market conditions had remained challenging during the year. In its Transportation division, revenue declined to GBP13.8 million from GBP14.3 million, as increased revenue in the US and China in its second half were offset by lower demand in the UK.
In its Energy division, revenue rose to GBP7.4 million from GBP6.9 million.
Tricorn did not propose a dividend for the year. In the previous year it paid a dividend of 0.13 pence.
"The major contract win by Maxpower Automotive announced in December 2014 and increasing second half revenues in the USA and China are positive indications of the group's potential to deliver organic revenue growth and shareholder value over the medium term," said Chairman Andrew Moss in a statement.
Shares in Tricorn are trading down 2.5% at 17.30 pence Wednesday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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