10 Apr 2015 07:00
10 April 2015
Tricorn Group Plc
("Tricorn")
Trading Update
Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist provides the following pre close trading update for the financial year to 31 March 2015.
Revenue for the year is expected to be broadly in line with the previous year and in line with market expectations.
In the Transportation division increased second half revenues, when compared to the first half of the year, in the USA and China businesses have helped to offset lower second half UK demand. Revenue in the Energy division will be ahead of the previous year.
Following changes to the senior USA management team implemented in September 2014 there has been significant and sustained improvement in the performance of this business. It exited the year with improving margins, a lower cost base and increasing momentum.
In the UK the installation and commissioning of new plant and equipment at Maxpower Automotive to support the circa £10m revenue over 5 years, contract win announced in December 2014, is progressing to plan.
Both the wholly owned and joint venture businesses in China continue to attract new business.
Adjusted LBT* for the year is now expected to be slightly better than market expectations. Net debt at the year end was lower than at the previous year end.
Further details and an update on current trading will be given in Tricorn's full year preliminary results that are scheduled to be released on 10 June 2015.
*All references to LBT are before restructuring costs, intangible asset amortisation, share based charges, foreign exchange derivative valuation.
For further information please contact:
Tricorn Group plc | Tel +44 (0)1684 569956 |
Mike Welburn, Chief Executive | www.tricorn.uk.com |
Phil Lee, Group Finance Director | |
Westhouse Securities Limited | Tel + 44 (0)20 7601 6100 |
Tom Griffiths Henry Willcocks - Corporate Broking | |
Notes to Editors:
Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy and Transportation sectors.
Headquartered in Malvern, UK, Tricorn employs around 350 employees, has 5 manufacturing facilities in China, USA and UK. It operates through three brands: Malvern Tubular Products, Maxpower Automotive and Franklin Tubular Products.