Tricorn adjusted FY profit down 12%

Pipe solutions maker Tricorn said adjusted pre-tax profit for the year fell 12.7% after a sharp decline in trading conditions in the latter part of the year.Adjusted profit before tax fell to £1.2m in the year ended 31 March from £1.4m the year before. Sales revenue increased to £22.2m from £20.8m previously.Looking ahead chairman Nick Paul commented, "The group is well positioned to respond to the current challenging conditions and to take advantage of the upturn in demand when it occurs." Tricorn said it has reduced operating costs but does not anticipate demand levels to significantly increase through the remainder of 2009. "The global economic downturn has resulted in extremely challenging market conditions across many of the Group's markets. However the Group has responded swiftly to reduce its cost base and this combined with a focus on further strengthening its balance sheet ensures that profits and cashflows are being delivered in line with management's expectations," the chairman added.