LONDON (Alliance News) - Tricorn Group PLC shares rose early Friday after the company said it expects an increase in annual profit and revenue on the back of new business wins in the transportation division.
Shares in the pipes manufacturer were 18% higher at 18.89 pence each in morning trade.
Adjusted pretax profit for the year to the end of March is anticipated to rise by 30% from GBP827,000 reported for the year before. Revenue is expected to grew by 2.5% from GBP22.2 million the prior year, due to business growth in the transportation division, and a strong performance from Tricorn's joint venture in China.
The company said business growth in the transportation unit have more than offset reduced revenue in the energy division, which was as a result of significantly lower demand from the power generation rental sector.
Tricorn will publish its full-year results on June 3.