StockMarketWire.com - Tube manipulation specialist Tricorn swung to a first-half loss, citing a significant impact from the Covid-19 pandemic.

The company did not declare an interim dividend.

Pre-tax losses for the six months through March amounted to £0.57m, compared to losses of £0.51m on-year. Revenue fell 26% to to £8.45m.

'This has been an extremely challenging period, during which our operations worldwide have been significantly impacted by Covid-19,' chairman Andrew Moss said.

'During March, our facilities in the US and UK were temporarily closed due to issues with customer demand, supply chains and concerns for employee safety.'

All of the company's facilities were operational from 20 April

'Our Chinese joint venture continues to operate normally, and, trading at our UK Malvern facility has returned to pre-Covid-19 levels,' Moss said.

'However, whilst demand has started to increase at the UK West Bromwich and US facilities, it is still at significantly lower levels than compared to earlier in the year.'

'At this time, as for many businesses, the outlook remains uncertain.'

'We are, however, pleased that as a result of a focused plan of action, as at 1 June 2020, the company had, as reported, cash headroom of £1.8m.'

'This positions us well to weather these exceptional times and to capitalise on growth opportunities as we move forward.'


At 2:08pm: [LON:TCN] Tricorn Group PLC share price was 0p at 7.5p



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