Interim Results -4-
December 05 2011 - 2:00AM
UK Regulatory
------------ ------------ --------
10,968 9,299 9,715
Total assets 13,543 11,609 12,022
============ ============ ========
Liabilities
Current
Trade and other payables (4,439) (4,145) (4,212)
Financial liabilities at fair value through profit and loss (54) (107) (82)
Borrowings (1,825) (1,619) (1,578)
Corporation tax (502) (171) (312)
(6,820) (6,042) (6,184)
Non-current
Borrowings (164) (246) (95)
Deferred tax (216) (263) (232)
------------ ------------ --------
(380) (509) (327)
Total liabilities (7,200) (6,551) (6,511)
Net assets 6,343 5,058 5,511
============ ============ ========
Equity
Share capital 3,339 3,302 3,304
Share premium account 1,463 1,448 1,448
Merger reserve 1,388 1,388 1,388
Share based payment reserve 263 229 237
Investment in own shares - (49) (49)
Profit and loss account (110) (1,260) (817)
Total equity 6,343 5,058 5,511
============ ============ ========
Group statement of cash flows
For period ended 30 September 2011
Unaudited Unaudited Audited
Six months Six months Year Ended
to to
30 September 30 September 31 March
2011 2010 2011
GBP'000 GBP'000 GBP'000
Cash flows from operating activities
Profit after taxation 510 244 687
Adjustment for:
Depreciation 153 177 326
Net finance costs in statement of comprehensive
income 46 73 99
Amortisation charge 59 59 117
Share based payment charge 26 36 44
(Credit)/charge relating to foreign exchange
derivative contracts (31) - 11
Taxation expense recognised in statement
of comprehensive income 175 107 240
Increase in trade and other receivables (845) (875) (1,169)
Increase in trade payables and other payables 226 786 799
Decrease/(increase) in inventories 67 (159) 20
------------ ------------ ----------
Cash generated from operations 386 448 1,174
Interest paid (65) (72) (137)
Income taxes paid - (46) (69)
Net cash from operating activities 321 330 968
============ ============ ==========
Cash flows from investing activities
Sale of own shares 279 - -
Purchase of plant and equipment (309) (37) (187)
Interest received 2 2 5
Net cash used in investing activities (28) (35) (182)
============ ============ ==========
Cash flows from financing activities
Issue of ordinary share capital 50 - 2
Drawdown/(Repayment) of short term borrowings 269 (85) (119)
Repayment of bank borrowings (150) (150) (300)
Payment of finance lease liabilities (13) (42) (53)
------------ ------------ ----------
Net cash generated/(used) in financing
activities 156 (277) (470)
Net increase in cash and cash equivalents 449 18 316
Cash and cash equivalents at beginning
of year 1,612 1,296 1,296
------------ ------------ ----------
Cash and cash equivalents at end of year 2,061 1,314 1,612
============ ============ ==========
1 General information
Tricorn Group plc and subsidiaries' (the 'Group') principal
activities comprise high precision tube manipulation, systems
engineering and specialist fittings.
The Group's customer base includes major blue chip companies
with world-wide activities in key market sectors, including
Pipefittings, Power Generation, Aerospace, Off Highway, and
Automotive.
Tricorn Group plc is the Group's ultimate parent Company. It is
incorporated and domiciled in the United Kingdom. The address of
Tricorn Group plc's registered office, which is also its principal
place of business, is Spring Lane, Malvern, Worcestershire, WR14
1DA. The Group's shares are admitted to trading on the Alternative
Investment Market of the London Stock Exchange.
These consolidated interim financial statements have been
approved for issue on 5 December 2011 by the Board of Directors.
Amendments to the financial statements are not permitted after they
have been approved.
The financial information set out in this interim report does
not constitute statutory accounts as defined in the Companies Act
2006. The Group's statutory financial statements for the year ended
31 March 2011 have been filed with the Registrar of Companies. The
auditor's report on those financial statements was unqualified and
did not contain a statement under Section 498(2) or (3) of the
Companies Act 2006.
2 Accounting policies
Basis of preparation
These unaudited interim consolidated financial statements are
for the six months ended 30 September 2011. They have been prepared
in accordance with IAS 34 "Interim Financial Reporting" as adopted
by the European Union. They do not include all of the information
required for full annual financial statements, and should be read
in conjunction with the consolidated financial statements of the
Group for the year ended 31 March 2011, which have been prepared in
accordance with International Financial Reporting Standards.
3 Segmental reporting
The Group operates three main business segments:
-- Energy & Utilities: manipulated tubular assemblies for
use in power generation, oil and gas and marine sectors, and
innovative jointing systems for use typically within the utility
industry.
-- Transportation: ferrous, non-ferrous and nylon material
tubular assemblies for use in off-highway and other such
applications.
-- Aerospace: specialised rigid pipe assemblies for use the
aerospace sector.
The Group previously presented four business segments with
Energy and Utilities disclosed as separate segments. These two
business streams have now been aggregated as they are both
operationally managed and reported internally to the Chief
Executive on a single basis. As such, the prior period and year
comparative figures have been restated to aggregate Energy &
Utilities into one reportable segment.
3 Segmental reporting (continued)
Tricorn (LSE:TCN)
Historical Stock Chart
From Jul 2024 to Aug 2024
Tricorn (LSE:TCN)
Historical Stock Chart
From Aug 2023 to Aug 2024
