16th Apr 2014 14:05
(An item published at 1121 GMT, misstated the company's name at the bottom of the article. The correct version follows.)
LONDON (Alliance News) - Tricorn Group PLC Wednesday said that revenues for the year just ended will be lower than the prior year due to lower demand in its UK businesses, despite a slight pick-up in demand at the end of the year.
The tube manipulation specialist said that trading in the financial year ended March 31, was "challenging," after its UK businesses were hit by lower demand in the second-half of the year, when compared with the first-half.
In a trading statement in February, the company said revenues for the second-half were expected to come in 15% lower than first-half figures, as demand continued to lighten.
Tricorn said Wednesday that demand has generally stabilised since then, with some tentative signs of improvement, meaning its second-half revenues will see a slightly smaller decline than previously expected.
The company said that it has completed restructuring within its Energy division, and the business is now in a better business going forward, it said.
Within the transportation division, it said that the UK business has started to benefit from new business.
In China, Tricorn said that both its wholly-owned facility and joint venture are development well, with revenue boosted by a broadening customer base and expanded product offering.
Tricorn said that in the US, new customer revenues continued to increase, partially offsetting a loss of business from resourcing decisions.
It said that revenues from its Aerospace division declined slightly in the second-half of the year, but at a lower cost base.
Tricorn said that overall cash inflow in the second-half of the year was positive, and it expects to report a reduction in net debt from the first-half of the year.
Tricorn said it will release its full-year results on June 10.
The company's shares were up 1.3% at 17.72 pence per share Wednesday morning.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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