Tricorn Group PLC COVID-19 Impact (0421H)
20 Marzo 2020 - 6:42AM
UK Regulatory
TIDMTCN
RNS Number : 0421H
Tricorn Group PLC
20 March 2020
20 March 2020
Tricorn Group plc
("Tricorn" or the "Group")
COVID-19 Impact
Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation
specialist, provides the following update regarding the impact of
COVID-19 .
The Group has been managing the impact of the COVID-19 virus
since early February 2020. The initial focus was China where the
majority of businesses, including the Group's facility, were not
allowed by the Government to reopen following the Chinese Spring
Festival. Our management in China working closely with the local
government agreed a range of measures that allowed our Chinese
Joint Venture facility to be reopened within 2 weeks thus avoiding
any significant disruption to our customers in the region. This
facility continues to operate as normal.
The Group's supplier base in China, which is also utilised by
our UK facilities, took slightly longer to be re-established. It is
now operational and alongside the implementation of a parallel
sourcing strategy, Tricorn has ensured that component supply issues
were held to a minimum.
Outside of China, in recent weeks we had seen some changes in
demand as a limited number of customers experienced component
shortages, but these changes were relatively modest. However, we
are currently experiencing a rapid escalation of short term and
immediate reductions in demand from key customers.
On March 19(th) 2020, a key UK customer advised that production
had been halted for a short period with immediate effect. This has
been followed overnight by similar announcements from a number of
the Group's customers in the USA. For the time being the UK and USA
facilities remain open with staff working from home wherever
possible and employees self-isolating if they are experiencing any
flu like symptoms.
In this market environment, the Board is focused on limiting the
impact on the Group's revenue and profitability, as well as to our
customers and employees. It is a rapidly changing situation and, as
yet, we are not able to forecast the full impact. The Group's
balance sheet was significantly strengthened through the
fundraising completed earlier this year and positions us well
against the current economic climate. The planned expansion of our
US facility has been put on hold until the outlook becomes clearer.
Further updates will be provided in due course.
For further information please contact:
Tricorn Group plc
Mike Welburn, Chief Executive Tel +44 (0)1684 569956
Phil Lee, Group Finance Director www.tricorn.uk.com
Shore Capital
Tom Griffiths Tel + 44 (0)20 7601 6100
Henry Willcocks
Notes to Editors:
Tricorn is a value-added manufacturer and specialist manipulator
of pipe and tubing assemblies to niche markets worldwide in the
Energy and Transportation sectors.
Headquartered in Malvern, UK, Tricorn employs around 300
employees and has five manufacturing facilities in China, USA and
UK.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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March 20, 2020 08:42 ET (12:42 GMT)
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