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Tricorn Group

  • BY: Andrew Hore |
  • POSTED: 13/10/2019 |

Engineer Tricorn says that its full year results will be worse than expected due to poor trading conditions in the US and UK. 

A trading statement relating to the six months to September 2019 admits that margins have come under pressure in the US and demand is weak in the UK.

US demand is as expected, but tariffs with China have raised costs and it has been difficult to negotiate price increases.

Second quarter trading in the UK was particularly poor and first half revenues will fall by 12%. That means that group revenues will be 7% lower at around £10.6m and there will be a more significant fall in profit.

If trading does not improve then full year revenues could be £21.5m, compared with a previous forecast of £23m and that equates to pre-tax profit of £500,000 instead of £1.2m.

The share price fell from 18p to 11.5p.

The interims will be published on 4 December.

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