Interim Results
03 December 2003 - 6:00PM
UK Regulatory
RNS Number:7862S
Tricorn Group PLC
03 December 2003
TRICORN GROUP PLC ("the Group")
STATEMENT ACCOMPANYING INTERIM RESULTS
FOR THE PERIOD ENDED 30TH SEPTEMBER 2003
The six months to 30th September 2003 has been a period of good progress on all
fronts for Tricorn. The move to reduce costs has begun to yield significant
results, sales revenues have increased across the board and additional finance
has been arranged through the sale and leaseback of the MTC factory at a price
of #1.15m.
Overall trading performance for the six months to 30th September 2003 generated
turnover of #2.9 million (2002: #2.1 million) with a much reduced loss of
#95,000 (2002: #452,000) and a loss per share of 0.34p (2002: 1.70p).
Malvern Tubular Components ("MTC")
The drive for lean manufacturing continues at MTC with a factory reorganisation
completed and delivering a step change in productivity. Resourcing components
from low cost countries is yielding a useful reduction in purchasing costs and
significant additional opportunities to resource have been identified.
Redman Fittings Ltd
Redman continues to make steady progress in the UK. Acceptance of this
revolutionary fitting is growing in this extremely conservative market and
interest has now been shown from overseas markets.
Issquared Ltd
The project to develop an innovative pipeline inspection system for a consortium
of water companies has now been successfully completed and handed over to our
customers.
Current top priority for Issquared is the pipeline integrity management software
(PipeHorizon). New legislation in the USA has driven significant activity in the
market and negotiations are underway with several major customers around the
world.
Outlook
MTC has benefited from the general improvement in the economic climate and with
good progress being made in expanding both Redman and Issquared the Board
remains optimistic about the long term potential for the Group as a whole.
For any further information contact SW Cooper (CEO) at
Tricorn Group plc
Telephone: 01684 569956
Tricorn Group plc
Unaudited Interim Results for the six months to 30th September 03
Consolidated Summarised Profit and Loss Account
For the six months to 30th September 2003
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
Note #,000 #,000 #,000
Turnover
Continuing operations 2,927 1,940 3,882
Acquisitions - 159 435
--------- --------- ---------
2,927 2,099 4,316
Cost of sales (1,667) (1,310) (3,091)
--------- --------- ---------
Gross Profit 1,260 789 1,225
Distribution costs (58) (57) (91)
Administration expenses (1,233) (1,186) (2,647)
--------- --------- ---------
Operating loss
Continuing operations (31) (435) (1,476)
Acquisitions - (19) (37)
--------- --------- ---------
(31) (454) (1,513)
Net Interest payable (64) (38) (92)
--------- --------- --------
Loss on ordinary activities before taxation (95) (492) (1,605)
Taxation 2 - 40 106
--------- --------- --------
Loss on ordinary activities after taxation 4 (95) (452) (1,499)
===== ===== =====
Loss per ordinary share 3 (0.34)p (1.70)p (5.52)p
===== ===== =====
There were no recognised gains or losses other than the loss for the financial year
Consolidated Summarised Balance Sheet
At 30th September 2003
30/9/03 30/9/02 31/3/03
#,000 #,000 #,000
Fixed Assets
Intangible assets 645 1,283 683
Tangible assets 1,842 2,053 1,916
Investments - - -
--------- --------- ---------
2,487 3,336 2,599
--------- --------- ---------
Current Assets
Stocks 564 1,028 622
Debtors 1,231 1,216 1,208
Cash in bank and in hand 30 8 90
--------- --------- ---------
1,825 2,252 1,920
Creditors:
Amounts falling due within one year (1,877) (1,876) (2,265)
--------- --------- ---------
Net current assets (52) 376 (345)
--------- --------- ---------
Total assets less current liabilities 2,435 3,712 2,254
Creditors:
Amounts falling due after more than one year (955) (475) (679)
Provisions for liabilities and charges - (16) -
--------- --------- ---------
1,480 3,221 1,575
===== ===== =====
Capital and reserves
Called up share capital 2,760 2,760 2,760
Shares to be issued - 105 -
Share premium account 1,380 1,401 1,380
Other reserve 1,388 1,861 1,388
Profit and loss account (4,048) (2,906) (3,953)
--------- --------- ---------
Equity shareholders' funds 1,480 3,221 1,575
===== ===== =====
Consolidated Summarised Cash Flow Statement
For the six months to 30th September 2003
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
Note #,000 #,000 #,000
Net cash (outflow)/inflow from operating 5 18 (442) (792)
activities
Returns on investments and servicing of finance
Interest paid (52) (26) (56)
Finance lease interest paid (12) (12) (36)
--------- --------- ---------
Net cash outflow from returns on investments and
servicing of finance (64) (38) (92)
--------- --------- ---------
Taxation 32 - 7
Capital expenditure
Payments to acquire tangible fixed assets (21) (71) (66)
Proceeds from sale of tangible fixed assets 5 - 36
--------- --------- ---------
Net cash outflow for capital expenditure (16) (71) (30)
--------- --------- ---------
Acquisitions - (56) (56)
Net cash outflow before financing (30) (607) (963)
Financing
Issue of ordinary share capital - - -
Share issue costs - - (22)
Receipt/(repayment) of loans 926 (23) 217
Capital element of finance lease rentals (67) (62) (144)
--------- --------- ---------
Net cash (Outflow)/inflow from financing 859 (85) 51
--------- --------- ---------
(Decrease)/increase in cash 829 (692) (912)
===== ===== =====
Consolidated Summarised Cash Flow Statement
For the six months to 30th September 2003
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
Note #,000 #,000 #,000
Net cash (outflow)/inflow from operating activities 5 18 (442) (792)
Returns on investments and servicing of finance
Interest paid (52) (26) (56)
Finance lease interest paid (12) (12) (36)
--------- --------- ---------
Net cash outflow from returns on investments and
servicing of finance (64) (38) (92)
--------- --------- ---------
Taxation 32 - 7
Capital expenditure
Payments to acquire tangible fixed assets (21) (71) (66)
Proceeds from sale of tangible fixed assets 5 - 36
--------- --------- ---------
Net cash outflow for capital expenditure (16) (71) (30)
--------- --------- ---------
Acquisitions - (56) (56)
Net cash outflow before financing (30) (607) (963)
Financing
Issue of ordinary share capital
- - -
Share issue costs
- - (22)
Receipt/(repayment) of loans 926 (23) 217
Capital element of finance lease rentals (67) (62) (144)
--------- --------- ---------
Net cash (Outflow)/inflow from financing 859 (85) 51
--------- --------- ---------
(Decrease)/increase in cash 829 (692) (912)
===== ===== =====
Notes to the Financial Statements
For the six months to 30th September 2003
1. Basis of preparation
The interim financial statements have been prepared under the historical cost
convention, on bases consistent with the previous year, and in accordance with
applicable accounting standards.
The principal accounting policies of the Group have remained unchanged from
those set out in the Group's 2003 annual report and financial statement.
2. Taxation
Trading losses are carried forward to offset against future trading profits
3. Loss per Share
The loss per share is based on the loss for the 6 month period divided by the
weighted average number of equity shares ranking for dividend during the period
being 27,601,670 shares. (2002 - 26,656,670, 31 March 2003, 27,140,820)
4 . Reconciliation of movements in shareholders' funds
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
#,000 #,000 #,000
Loss for the period (95) (452) (1,499)
Share issues (including shares to be issued) - 1,240 640
--------- --------- ---------
Net (reduction)/increase in shareholders' (95) 788 (859)
funds
Shareholders' funds at start of 1,575 2,434 2,434
period
--------- --------- ---------
Shareholders' funds at end of period 1,480 3,222 1,575
===== ===== =====
5. Reconciliation of operating loss to net cash (outflow)/inflow from operating
activities
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
#,000 #,000 #,000
Operating Loss (31) (454) (1,513)
Depreciation 103 122 232
Amortisation 38 22 44
Loss/(Profit) on disposal of tangible assets (1) - 9
Provision against fixed asset investment - - -
Decrease/(increase) in stock 58 (183) 266
Decrease/(increase) in debtors (23) (129) 122
Increase/(decrease) in creditors (126) 180 48
--------- --------- ---------
18 (442) (792)
===== ===== =====
6. Reconciliation of net cash flow to movement in net funds
6 Months 6 Months 12 Months
to 30/9/03 to 30/9/02 to 31/3/03
#,000 #,000 #,000
(Decrease)/increase in cash 829 (692) (912)
Cash used to repay capital element of finance
lease and hire purchase agreements 67 62 144
Cash (inflow)/outflow from movement in loans (926) 23 (216)
--------- --------- ---------
Change in net debt resulting from cashflows (30) (607) (984)
New finance leases and hire purchase contracts (14) (9) (33)
--------- --------- ---------
Movement in net debt (44) (616) (1,017)
Net debt at start of period (1,652) (635) (635)
--------- --------- ---------
Net debt at end of period (1,696) (1,251) (1,652)
7. Publication of non-statutory accounts
The financial information set out in this interim announcement does not
constitute statutory accounts as defined in section 240 of the Companies Act 1985.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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