LONDON (Alliance News) - Tricorn Group PLC Tuesday said it swung to a pretax loss in its full-year as increased revenues were offset by restructuring costs along with the cost of setting up operations in China.
The tube manipulation specialist posted a pretax loss of GBP999,000 for the twelve months ended March 31 compared with a pretax profit of GBP1.3 million the previous year.
The company said its revenues increased 15% to GBP24.5 million from GBP21.3 million largely due to the company receiving a full year of revenues from its Franklin Tubular Products acquisition in the US, which occurred at the end of 2012.
However, Tricorn said its distribution costs increased to GBP1.6 million from GBP906,000, its cost of sales increased to GBP16.1 million from GBP13.6 million and its total administrative costs increased to GBP7.6 million from GBP5.5 million.
The company said its costs were up due to restructuring within its Aerospace and Energy segments, as well as costs to start up operations in China.
Tricorn said that despite a challenging year, with well established manufacturing in the US and China, it is well positioned to capitalise on significant growth opportunities in these regions.
The company said that at March 31, its cash and equivalents had increased to GBP1.3 million from GBP697,000 but its net debt had also increased to GBP3.4 million from GBP1.9 million.
Tricorn shares were down 7.2% to 18.10 pence on Tuesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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