TCN.L Regulatory News (TCN)

1 Dec 2005 07:30

Tricorn Group PLC01 December 2005 TRICORN GROUP PLC ("the Group") STATEMENT ACCOMPANYING INTERIM RESULTS FOR THE PERIOD ENDED 30th SEPTEMBER 2005 The six months ended 30th September 2005 have seen a continued strongimprovement in the financial performance of Tricorn with turnover of £3.1m(2004:£2.9m) producing net profit of £265,000 (2004: £6,000). Earnings pershare were 0.85p (2004:0.02p) The Group generally benefited from increased sales and improving margins as ouraggressive cost reduction programmes continued to yield good results andgenerate a strong cashflow. Malvern Tubular Components (our tube manipulation specialist) maintained itsfocus on continually improving customer service and driving down costs.Productivity increased by a further 20% year on year and we gained furtherpositive results by extending our sourcing from low cost countries. Redman Fittings continues to make steady progress and increasingly the companyis focusing on the OEM market. A design exercise to lower manufacturing costsbegan to yield results towards the end of the period and is expected to furtherimprove the profitability of the Redman operation in the second half. Our small design team at ISS continued to work on Pipeline Inspection Vehicledesign projects for a major water utility. The outlook for the Group continues to be positive with the economic climate inour major market segments remaining strong. Alongside our drive for organicgrowth the Group will now consider potential acquisition opportunities where theGroup's management expertise can generate the necessary added value. Tricorn Group plcUnaudited Interim Results for the six months to 30th September 05 Consolidated Summarised Profit and Loss AccountFor the six months to 30th September 2005 6 Months 6 Months 12 Months to 30/9/05 to 30/9/04 to 31/3/05 Note £,000 £,000 £,000TurnoverContinuing operations 3,112 2,859 6,075 Cost of sales (1,686) (1,593) (3,386) --------- --------- ---------Gross Profit 1,426 1,266 2,689 Distribution costs (134) (91) (215)Administration expenses before goodwill (1,000) (1,119) (2,195)amortisationGoodwill amortisation (7) (37) (15) --------- --------- ---------Operating profitContinuing operations 285 19 264 Loss on disposal of operation - (350) (432) --------- --------- ---------Profit/(loss) on ordinary activities before 285 (331) (168)interest Net Interest payable (27) (50) (88) --------- --------- -------- Profit/(loss) on ordinary activities before 258 (381) (256)taxationTaxation 2 - - (73) --------- --------- -------- Profit/(loss) on ordinary activities after 258 (381) (329)taxation ===== ===== ===== Earnings per ordinary share 3 0.83p (1.23)p (1.06)p ===== ===== ===== Diluted earnings per ordinary share 3 0.77p - - ===== ===== ===== There were no recognised gains or losses other than the profit/(loss) forthe financial period Consolidated Summarised Balance SheetAt 30th September 2005 30/9/05 30/9/04 31/3/05 Note £,000 £,000 £,000Fixed AssetsIntangible assets 68 219 75Tangible assets 647 619 685 --------- --------- --------- 715 838 760 --------- --------- ---------Current AssetsStocks 738 684 721Debtors 1,382 1,512 1,553Cash in bank and in hand 575 291 261 --------- --------- --------- 2,695 2,487 2,535Creditors:Amounts falling due within one year (1,497) (1,868) (1,647) --------- --------- ---------Net current assets 1,198 619 888 --------- --------- --------- Total assets less current liabilities 1,913 1,457 1,648Creditors:Amounts falling due after more than one year (93) (20) (86) Provisions for liabilities and charges (73) - (73) --------- --------- --------- 1,747 1,437 1,489 ===== ===== ===== Capital and reservesCalled up share capital 3,100 3,100 3,100Share premium account 1,371 1,371 1,371Other reserve 1,388 1,388 1,388Profit and loss account (4,112) (4,422) (4,370) --------- --------- ---------Equity shareholders' funds 4 1,747 1,437 1,489 ===== ===== ===== Consolidated Summarised Cash Flow StatementFor the six months to 30th September 2005 6 Months 6 Months 12 Months to 30/9/05 to 30/9/04 to 31/3/05 Note £,000 £,000 £,000 Net cash inflow/(outflow) from operating 5 492 (18) 315activities Returns on investments and servicing of financeInterest received 8 - 11Interest paid (27) (42) (82)Finance lease interest paid (8) (8) (17) --------- --------- ---------Net cash outflow from returns on investmentsand servicing of finance (27) (50) (88) --------- --------- --------- Taxation - 52 76 Capital expenditurePayments to acquire tangible fixed assets (11) (25) (79)Proceeds from sale of tangible fixed assets - - 10 --------- --------- ---------Net cash outflow for capital expenditure (11) (25) (69) --------- --------- ---------Acquisitions and disposalsSale of business - - 86 --------- --------- ---------Net cash inflow/(outflow) before financing 454 (41) 320 FinancingIssue of ordinary share capital - - -Share issue costs - - -Repayment of loans - - (240) Capital element of finance lease rentals (35) (40) (79) --------- --------- ---------Net cash outflow from financing (35) (40) (319) --------- --------- ---------Increase/(decrease) in cash 6 419 (81) 1 ===== ===== ===== Notes to the Financial Statements For the six months to 30th September 2005 1 . Basis of preparation The interim financial statements have been prepared under the historical costconvention, on bases consistent with the previous year, and in accordance with applicable accounting standards. The principal accounting policies of the Group have remained unchanged fromthose set out in the Group's 2005 annual report and financial statement. 2. Taxation Trading losses are carried forward to offset against future trading profits 3. Earnings per Share The calculation of the basic earnings per share is based upon the profit/(loss)on ordinary activities after tax and on the weighted average number of shares inissue during the period. The calculation of the diluted earnings per share is based on the profit/(loss)on ordinary activities after tax and on the weighted average number of ordinaryshares and share options in issue during the period. The diluted earnings pershare is not shown where the share options are antidilutive. The profits/(losses) and weighted average number of shares used in thecalculation are set out below: 6 Months 6 Months 12 Months to 30/9/05 to 30/9/04 to 31/03/05 (Loss)/ Weighted Earnings Weighted (Loss)/ Weighted earnings average per (Loss)/ average earnings (Loss)/ average per Profit number of share Profit number of per share Profit number of share £,000 shares pence £,000 shares pence £,000 shares pence Basic earnings per share 258 31,000,000 0.83p 381 31,000,000 (1.23)p (329) 31,000,000 (1.06)p ==== ===== ==== ===== ===== ===== Dilutive effect of share options 2,622,500 Diluted earnings per share 33,622,500 0.77p - - - - ======== ===== Earnings per share beforegoodwill amortisation and loss on disposal of discontinued operation 265 31,000,000 0.85p 6 31,000,000 0.02p 118 31,000,000 0.38p ===== ===== ===== ===== ===== ===== Dilutive effect of share options 2,622,500 535,000 1,372,500 Diluted earnings per sharebefore goodwill amortisation and loss on disposal of discontinued operation 33,622,500 0.79p 31,535,000 0.02p 32,372,500 0.36p ======== ===== ======== ===== ======== ===== Reconciliation of basic earnings toearnings before goodwill amortisation and loss on disposal of discontinued operation £,000 £,000 £,000 Basic earnings 258 (381) (329) Goodwill amortisation and loss ondisposal of discontinued operation 7 387 447 Earnings on ordinary activities aftergoodwill amortisation and loss on ------ ------ -----disposal of discontinued operation 265 6 118 ===== ===== ===== Contact: Steven Cooper Tel: +44 (0) 1684 569956Tricorn Group plc This information is provided by RNS The company news service from the London Stock Exchange