Tricorn Group PLC Further Post-Period End Update (7961H)
December 07 2020 - 8:22AM
UK Regulatory
TIDMTCN
RNS Number : 7961H
Tricorn Group PLC
07 December 2020
7 December 2020
Tricorn Group plc
("Tricorn", the "Company" or the "Group")
Further Post-Period End Update
Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation
specialist, provides the following update to its Post-Period End
Update released on 16 November 2020 (the "Post-Period End Update
Announcement") in which it identified a balance sheet exposure risk
as at 30 September 2020 of approximately GBP3.6m excluding an
inter-company imbalance of approximately GBP1.0m. In particular, an
update on the two items, being the inter-company imbalance of
approximately GBP1.0m referred to above and approximately GBP1.0m
out of a total of GBP2.5m adjustments in the UK, that were reported
in the Post-Period End Update Announcement as still being subject
to further investigation, is provided below.
The Group has identified that approximately GBP0.2m of the
inter-company imbalance is attributable to foreign exchange
movements which relate to, and were identified and recognised in,
its audited results for the year ended 31 March 2019. Work is
continuing to identify the residual imbalance of approximately
GBP0.8m.
The GBP1.0m adjustment in the UK has now largely been identified
as relating to an understatement of historic liabilities which now
needs to be recognised in the Group's audited financial results for
the 18 months ended 30 September 2020. These are non-cash in
nature.
Under the direction of the Group Finance Director, Michael
Stock, who joined the Group on 3 August 2020, and supported by the
recently appointed finance team, a significant number of
improvements to the Group's financial controls and processes have
now been implemented. The design, implementation and effectiveness
of these controls and processes will be subject to further review
through the audit process which is expected to commence when the
outstanding matters referred to above have been resolved. Further
announcements will be made as appropriate and/or further
information becomes available.
Concurrent with the continuing work described above, and in
addition to those already conducted at West Bromwich and Malvern in
October 2020, the Group is conducting a further stocktake at both
of its UK sites during December 2020. This will help further
support the integrity of ongoing margins in the current financial
year.
Trading remains largely unchanged from that provided in the
Post-Period End Update Announcement with demand levels from a
number of customers increasing and providing additional
availability in the UK from the Group's invoice discounting
facility. Of a total invoice discounting facility of GBP3.0m, as at
7 December 2020, the Group generated funding availability of
approximately GBP2.0m (advanced at 90%) and had been fully drawn.
Cash balances for the Group as at 7 December 2020 were
approximately GBP0.7m.
For further information please contact:
Tricorn Group plc www.tricorn.uk.com
Andrew Moss, Chairman Tel +44 (0)7768 306 701
Mike Welburn, Chief Executive Tel +44 (0)7766 252 032
Michael Stock, Group Finance Director Tel +44 (0)7894 784
106
Shore Capital Tel +44 (0)20 7408 4080
Tom Griffiths
David Coaten
Henry Willcocks
Notes to Editors:
Tricorn is a value-added manufacturer and specialist manipulator
of pipe and tubing assemblies to niche markets worldwide.
Headquartered in Malvern, UK, Tricorn employs around 300
employees and has five manufacturing facilities in China, USA and
UK.
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END
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