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.




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