TCN.L Share News (TCN)

LONDON (Dow Jones)--Tricorn Group PLC (TCN.LN), a tube manipulation specialist, said Thursday that for the year ended March 31, it made a pretax profit of GBP0.2 million on revenue of GBP15.0 million. MAIN FACTS: -Revenue GBP15.0 million (2009: GBP22.2 million) -Pre-items operating profit GBP0.4 million (2009: GBP1.4 million) -Operating profit GBP0.3 million (2009: GBP1.1 million) -Profit before tax was GBP0.2 million (2009: GBP0.8 million). -Basic EPS was 0.45 pence (2009: 1.77 pence) and, after adjusting for one-off costs EPS stood at 0.79 pence (2009: 3.16 pence). -Diluted EPS 0.45 pence (2009: 1.71 pence) -Net debt GBP0.8 million (2008: GBP2.1 million) -Cash and cash equivalents up 82% to GBP1.296 million -The Directors do not recommend the payment of a dividend (2009: Nil) -Improving market conditions in Energy and Transportation sectors -Remains well positioned to make further progress over the coming months. -Overheads remained tightly controlled with administration costs 27% lower than the previous year. -Operating profit, before intangible asset amortization, restructuring charges and interest rate swap valuation, in the second half was up 40% on the first half reflecting the improved operational gearing from streamlining the business. -Gross profit margins, at over 32%, held up well compared to the last financial year, reflecting the objective of aligning capacity with lower demand levels. -Will consider potential acquisition opportunities where Tricorn's management expertise can generate the necessary added value. -Shares at 0711 GMT down 0.5 pence, or 5.0%, at 9.5 pence. -By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; iain.packham@dowjones.com (END) Dow Jones Newswires June 10, 2010 03:12 ET (07:12 GMT)