Tricorn Group plc (AIM:TCN.L), the AIM listed tube manipulation specialist, announces the following trading update for the six months ended 30 September 2011 ahead of entering its close period.
First half sales are expected to be over 20% higher than in the corresponding period last year, reflecting both the progress with its major blue chip OEM customers and continued strong global demand. It is those customers' extensive geographic reach that ensures the Group has the benefit of significant exposure to worldwide markets with approximately two-thirds of Tricorn's product ultimately destined for overseas use.
Whilst the Transportation and Energy Divisions remain the principal drivers for the sales growth referred to above, all Divisions have increased sales in the six months to 30 September 2011 compared to both the first and second half of last year.
Operating profit margins for the Group continue to improve with the focus on the Aerospace Division yielding the most significant progression. PBT* for the half year is expected to be ahead of the previous six months representing the fourth consecutive period of profit growth.
Full year PBT* is expected to be in line with market expectations.
Tricorn will provide a further update at the time of the release of its unaudited interim results for the six months ended 30 September 2011, which is expected to be on 5 December 2011.
he reference to PBT is before intangible asset amortisation, share based charges and fair value adjustments.
For further information please contact:
Tricorn Group plc
Mike Welburn, Chief Executive
Phil Lee, Group Finance Director
+44 (0) 1684 569 956
Arbuthnot Securities Limited
+44 (0) 20 7012 2000
+44 (0) 797 122 1972
Notes to Editors:
Tricorn Group plc is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy, Transportation, Aerospace & Utilities sectors.
Headquartered in Malvern, UK, Tricorn employs over 300 employees and operates through four brands: MTC; Redman Fittings; Maxpower; and RMDG Aerospace.
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