Profits and sales down at engineering group Tricorn
Tube engineering group Tricorn, which includes the Maxpower Automotive tube and pipe firm in West Bromwich, saw both sales and profits fall in its latest half year figures,
The Malvern-headquartered group saw pre-tax profits down from £530,000 a year before to £280,000 for the six months to the end of September.
Revenue fell 7.3 per cent from £11.4 million to £10.5m reflecting slowing UK demand, but the group said it had a strong pipeline of new opportunities.
Tricon chairman Andrew Moss said: "Whilst demand in the USA remained broadly in line with expectations, demand in the UK slowed significantly through the second quarter resulting in revenue for the group being down on the comparable period."
In the United States there was short-term pressure on margins due to the impact of increased import tariffs on goods sourced from China.
Mr Moss said that for the balance of the financial year Tricorn expected demand to remain low in the UK and to weaken in the USA.
"We continue to focus on managing our cost base and working capital to align with these lower volumes whilst capitalising on the many new business opportunities," he added,
Tricorn had issued a profit warning in October
