TCN.L Regulatory News (TCN)

14 Sep 2006 10:51

Tricorn Group PLC14 September 2006 At Tricorn's Annual General Meeting on 14th September the Chairman, Nick Paulcommented:- Tricorn continues to drive on from its strong results in 2005/2006. Both MTC and Redman Fittings have seen good sales progress and we continue toimprove our cost base by switching sourcing to low cost economies. At RMDG (acquired in June 2006) sales have also been strong and we have begunour attack on the cost base. A complete reorganisation of the manufacturing areais within days of completion and we are already seeing increased productivitywithin the business. A detailed review of external purchasing has begun and anumber of areas offering significant scope for cost reduction have beenidentified. The resourcing programme will begin to yield positive cost savingsin the last quarter of this financial year and is expected to generate steadilyincreasing savings over the next 18 months. Overall the Group is in a strong position and expects to more than matchexpectations for the first half of the year with a significant improvement over2005/2006 first half. All resolutions at the AGM were carried. Contact: Steven Cooper +44 (0) 1684 569956 This information is provided by RNS The company news service from the London Stock Exchange