Tricorn H1 revenue falls 40%

AIM listed tube manipulation specialist Tricorn said first half EBITDA has been in line with market expectations although revenue plunged 40%."Market conditions have been extremely challenging through the first half and sales are expected to be around 40% down on the previous year. Despite this, the group has remained profitable," Tricorn said in today's update. The group said capacity remains aligned to demand levels, overhead costs remain under tight control and management's focus on cash generation and strengthening the group's balance sheet has enabled net debt to be reduced. The group continues to operate comfortably within its banking covenants, it said.Looking to future trading Tricorn added, "We are pleased to report that markets now appear to be stabilising and with destocking nearing completion we are anticipating a modest improvement to sales during the second half."