Tricorn earnings plummer year-on-year as it restructures China division

(ShareCast News) - Tube manipulation specialist Tricorn Group announced its unaudited interim results for the six months to 30 September on Wednesday, with revenue down to £8.9m, from £10.1m a year earlier.Adjusted operating profit was £0.19m, up marginally from £0.18m, though its adjusted profit before tax was £4m, down significantly on the £38m reported at the same time last year.The AIM-traded firm reported adjusted earnings per share of 0.01p, also a serious drop from the 0.11p posted at the interim in the prior year.On the operational front, Tricorn said its China restructuring was now complete, which the board claimed provided a solid platform for future profitable growth."The group has made good progress through the first half of the year when compared to the previous period and the board is encouraged by the new business won," said chairman Andrew Moss."Our US and UK businesses have generated increased revenue through increased market share, enabling both of our divisions to improve profitability."Adjusted PBT for the period was in line with the board's expectations and we anticipate that full year results will be in line with market expectations."