(Sharecast News) - Tricorn shares slumped on Wednesday as interim profits at the tube maker more than halved due to the global trade war and weak UK demand.
The company reported a 61% plunge in pre-tax profits to £0.2m for the six months ended 30 September as revenue declined 7% to £10.6m. The shares fell 20% on the news as Tricorn chairman Andrew Moss also warned demand in the UK would remain low and worsen in the US.
Turnover fell amid slowing second quarter demand in the UK as a result of weaker market conditions and the impact of some customer destocking, Tricorn said.
Gross margins fell to 37.6% from 38.5%due to a change in sales mix and the cost of additional tariffs relating to components imported into the US from China.
Meanwhile, Tricorn's Chinese joint venture met expectations, though its share of profits fell by 18% to £0.1m.
(Writing by Frank Prenesti; Editing by Michele Maatouk)
14 Sep 2021 19:36
IN BRIEF: Tricorn loan from US PP program converted into grant
IN BRIEF: Tricorn loan from US PP program converted into grant