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Chairman Nick Paul said: "We have delivered a strong set of half year results demonstrating continued improvements in operating margins, strong cash generation has led to a considerably strengthened balance sheet and we have made encouraging progress in establishing our manufacturing facility in China. This, alongside the pipeline of opportunities for new business positions us well for further growth.." While Paul admitted that, in the shorter term, the softening in markets seen is likely to continue into the second half, investors didn't seem too bothered, with shares up 6.47% at 18.10p by 15:40.
AIM-listed tube manufacturer Tricorn surged on Monday following the release of its interim results, in which it reported a decent increase in the half-year dividend. The company, which operates in three main segments - Energy & Utilities, Transportation and Aerospace - is to pay shareholder 0.1p per share in respect of its first-half performance, up 43% on the 0.7p a share paid out last year. Revenue in the six months to the end of September fell from £12.42m to £11.55m as a result of "softening markets" in the second quarter. Nevertheless, improvements in operating profit margins across all three businesses helped group pre-tax profit grow from £0.72m to £0.85m. Tricorn said that its plan to establish a manufacturing facility in China is "on track" and shipments of first products are expected later this month.
Loss of contract appears to evaluate to a 11% loss in revenue , so is a 30% drop in SP warranted or is there a problem that may discourage others from renewing contracts? if no problems then the drop appears overdone at this time
Mike Welburn, Chief Executive of Tricorn, commented: "We are extremely disappointed to be advised of this decision. We have continued to improve operational performance within the business and remain committed to the aerospace sector. We have a healthy pipeline of new opportunities and will be working hard to replace this lost volume as quickly as possible." The impact of this contract loss on full year earnings is under evaluation at present and the Group will provide a further update at the time of the release of its unaudited interim results for the six months ended 30 September 2012, which is expected to be on 3 December 2012.
Contract Loss Tricorn Group plc (AIM:TCN.L), the AIM listed tube manipulation specialist, announces that it has been informed that Rolls-Royce is not intending to renew or extend the supply agreement with its subsidiary, RMDG Aerospace, that expires on 31st December 2012. The supply agreement relates to the ongoing supply of pipe assemblies and accounted for approximately 11% of the Group's revenue as reported in its financial statements for the year ended 31 March 2012.
http://www.investegate.co.uk/Article.aspx?id=201211021110012145Q
Approval of a buyback of Shares, waiver of obligations under Rule 9 of the City Code and Notice of Annual General Meeting Tricorn, the AIM listed tube manipulation specialist, announces that it is today posting the 2012 Annual Report and Accounts to Shareholders, along with a Circular which, amongst other things, includes the Notice convening the Annual General Meeting of the Company, to be held at the offices of Westhouse Securities Limited, One Angel Court, London EC2R 7HJ, at 11.00 am on 4 September 2012. The Notice sets out the resolutions to be proposed at the Annual General Meeting. All documentation is available on the Company's website at www.tricorn.uk.com. Included in the resolutions to be proposed at the Annual General Meeting are the Whitewash Resolution and the Buy Back Resolution. The Buy Back Resolution seeks the approval of Shareholders for, inter alia, the authority for the Company to make purchases of its own Ordinary Shares up to a maximum number of 3,339,500, being 10 per cent. of the Company's existing issued share capital. The Whitewash Resolution seeks the approval of Independent Shareholders of a waiver by the Panel on Takeovers & Mergers of any requirement under Rule 9 of the City Code for Roger Allsop and any persons connected to him to make a general offer for the Company that would arise as a result of any share buy back that may be effected following the Buy Back Resolution being passed. Capitalised terms used in this announcement shall have the same meaning as ascribed in the Circular dated 31 July 2012 unless the context requires otherwise.
http://www.investegate.co.uk/Article.aspx?id=201208020700101061J
The company says it will definitely pay a final dividend, although the exact amount will be revealed along with the full results on 11 June. The market has pencilled in a figure of 0.2p for the full year dividend, double what the company paid the year before. At 10:38 the stock had gained 4.55%. Over the past 12 months the Tricorn shares have seen growth of a whopping 91.7%.
With momentum being maintained during the final quarter, full year profits before tax are expected to be around £1.6m, approximately 50% up on the previous year, and slightly ahead of market expectations of £1.54m following the company's February trading update. Profit margins are ahead of the preceding year at both the group and divisional level, reflecting the continuing improvement in operational performance
Tricorn, the AIM quoted tube manipulation specialist, has lifted its sales and profits guidance for the financial year just ended on the back of a strong performance from its aerospace division, which has moved back into the black. Group sales for the year to March 31st, 2012, are expected to be approximately 13% ahead of the previous year with all divisions experiencing strong demand through the final quarter. That would imply revenue of £25.59m, marginally ahead of market expectations of £23.57m
● Shares in pipe-bending specialist TRICORN add 7% to 35.25p after it says that group sales for 2011/12 will be 13% ahead of the previous year. ● This is thanks to a strong performance from the aerospace division profits that will be 50% ahead of last year. ● Tricorn is an excellent example of a small but successful UK manufacturer
Pre-Close Trading Update Tricorn Group plc (AIM: TCN.L), the AIM quoted tube manipulation specialist, today announces the following pre-close trading update following the end of its financial year to 31 March 2012. Group sales are expected to be approximately 13% ahead of the previous year with all divisions experiencing strong demand through the final quarter. Profit* margins are ahead of last year both at Group and divisional level reflecting the continuing improvement in operational performance. Whilst all of the divisions have made good progress the performance of the Aerospace division has been particularly encouraging and will see the business return to profitability for the full year. With the positive momentum being maintained during the final quarter, full year Group PBT* is expected to be around £1.6m, being approximately 50% up on the previous year, and slightly ahead of the recently upgraded market expectations following the Company's trading update announced on 28 February 2012. Given the continued strong performance of the Group, the Board will be recommending the payment of a final dividend as part of its progressive dividend policy. Further details on this and current trading will be given with our full year preliminary results which are scheduled to be released on 11 June 2012. *The references to Profit and PBT are before intangible asset amortisation, share based charges and fair value adjustments.
http://www.investegate.co.uk/Article.aspx?id=201204030700126461A
Westhouse Securities rate this Strong Buy today with a target of 50
and another blue day - get on!
Trading Update Tricorn Group plc (AIM:TCN.L), the AIM quoted tube manipulation specialist, today announces the following trading update ahead of 31 March 2012, being the end of its current financial year. The Group has made an encouraging start to the final quarter with demand remaining strong and operational performance continuing to improve. Operating margins in all three of the Group's Divisions are anticipated to be ahead of first half performance. As a result the Company expects that full year Group PBT* will be ahead of market expectations. The Company will provide a further update on trading on April 3rd, after the year end. *The reference to PBT is before intangible asset amortisation, share based charges and fair value adjustments.
http://www.investegate.co.uk/Article.aspx?id=201202280700182154Y
Arbuthnot Securities reiterated its "strong buy" recommendation for Tricorn (TCN) with a 40p target price. The pipe manufacturer announced several profit upgrades over the last 18 months and the broker believes that the firm has the potential to deliver further growth. Arbuthnot is also encouraged by the firm's largest customer, industrial machinery developer Caterpillar, announcing in December that it expects to deliver sales growth of between 10 and 20% in the 2012 calendar year. The broker will also be looking for Tricorn to become acquisitive to boost growth. The shares jumped 2p to 25.5p.
5 December 2011 | 07:28am StockMarketWire.com - Tube manipulation specialist Tricorn Group this morning reported revenue up 23% to £12.42m in the half-year to end-September (2010: £10.09m). Operating profit margin was up 24% to 6.3% (2010: 5.1%). PBT was up 61% to £0.722m (2010: £0.449m). Net cash at period end was £0.072m (2010: Net debt £0.551m). Adjusted earnings per share were up 57% to 1.66p. An interim dividend was declared of 0.07p per share. Nick Paul CBE, Chairman, said: 'I am delighted to report a further consecutive period of growth for Tricorn. The Group continues to benefit from its exposure to world markets, its key account management, ongoing investment and improving operational performance. 'We remain resolutely focused on delivering excellence to our customers and we are seeing this rewarded with closer and more collaborative relationships. 'Based on the progress made and our confidence in future prospects, the Board is pleased to declare an interim dividend as part of its longer term progressive dividend policy. 'We remain confident of meeting market expectations for the year.'
TricornBUY 25/07/2011 Miles Nolan A massive improvement in trading results has enabled tube manipulation specialist Tricorn (TCN) to recommend its first dividend payment since joining AIM. Following a slew of profit upgrades, in the year to March sales jumped 45% to £21.7m as pre-tax profits soared almost four-fold to £1.07m (2010: £288,000). Greater operational efficiencies helped margins double to 5.5%, and the payout of 0.1p a share is a further positive sign. The energy arm MTC manufactures fabricated and manipulated tube assembles for large diesel engines and radiator sets. It has boosted market share, which has driven results and a major investment in kit is planned, including a £350,000 new electric bender is to be installed to help widen its product set. In transportation, over 50 new products were introduced, and what was a break-even business when acquired in 2007 has enjoyed a strong increase in performance. Moreover, the development of next generation products that allow electronic verification of critical components has been well received. The utilities arm holds worldwide patents on a method of joining polythylene pipes, largely used in the water industry this remains a small business but is doing well. For Tricorn, the one weak spot has been aerospace, which fell into a loss due to a hike in raw materials and difficulties in sourcing product. The hope is for a break-even position this year. Current trading is good, largely driven by sales that are made into the UK market being shipped to stronger international markets. Tricorn is on the lookout for complementary acquisitions, but says that targets are hard to come by due to the unrealistic price expectations of vendors. Broker Arbuthnot predicts 2012 pre-tax profits of £1.4m and EPS of 3.2p. We recommended the shares in February at 16.75p, so the near doubling in price is welcome news - but there is still more to come. Buy
Arbuthnot maintained its "strong buy" recommendation for Tricorn Group (TCN), the product manufacturer for the environmental engineering sector, with a 40p target price. Commenting on full-year results, the broker said that they reflect the group's strong trading over the last year with adjusted pre-tax profit up from 0.3 million pounds to 1.1 million pounds on revenues ahead 45% at 21.8 million pounds. That said, with the group demonstrating its confidence with the recommendation of a maiden dividend of 0.1p, Arbuthnot is positive going forward. Tricorn shares edged back 0.75p to 30.5p.
http://www.investegate.co.uk/Article.aspx?id=201104040700071655E
Tricorn set to beat FY forecasts, offer dividend Date: Monday 04 Apr 2011 LONDON (ShareCast) - Tube manipulation specialist Tricorn said it expects full year pre-tax profit to be significantly ahead of market expectations as it considers recommending a maiden dividend. The Worcestershire-based group said full year pre-tax profit is expected to be around £1m after a strong final quarter and improved operating profit margin. Second half sales for the period ended 31 March 2011 are expected to be over 10% higher than the first half and full year sales are expected to be around 40% ahead of the previous year, Tricorn said in a company update. Commenting on trading Tricorn said, "Our Energy and Transportation sectors remain the principal driver for this with both sectors benefitting from strong market recovery and new business wins. We have also been encouraged by the continued growth in demand in the Utilities sector, albeit from a relatively low base." Aerospace sales in the second half will be at very similar levels to those in the first half. The pipe and tubular assemblies manufacturer is also considering recommending the payment of a nominal maiden dividend as part of a longer term progressive dividend policy.
Looks like a very promising investment