A revenue rise at engineering group Tricorn failed to prevent the company slipping to a pre-tax loss in its full-year results.
The listed tube manipulation specialist, which is headquartered in Malvern and also has a base in West Bromwich, said the expansion of its international manufacturing operations had coincided with structural change at the company.
In the year to 31 March 2014, Tricorn posted revenue of £24.4 million (2013: £21.3 million) and an underlying pre-tax loss of £343,000.
Overall, it registered a pre-tax loss of £1 million after costs related to restructuring and starting up in China. This was down was from a 2012/13 pre-tax profit of £1.31 million.
During the period, it sold its Redman fittings business for £600,000 and had made further progress in China including forming a new joint venture.
Chairman Nick Paul said: "The year has proved challenging with expansion in our international manufacturing capability coinciding with necessary structural change.
"Tricorn has successfully delivered these changes whilst absorbing the costs which demonstrates the resilience of the group.
"Tricorn has made significant progress in laying the foundations for long-term growth and has made further encouraging progress in strengthening relationships with its blue chip customers.
"With manufacturing facilities now established in the USA and China, the group is well positioned to capitalise on the growth anticipated from these regions and as markets recover."
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