TCN.L Regulatory News (TCN)

 11 February 2014

Tricorn Group Plc 

("Tricorn" or the "Group")

Trading Statement

Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, is providing the following update on trading for the financial year to 31 March 2014.

Having seen further softening of demand since the Company's announcement of its interim results which were released on 3 December 2013, the Board's current view is that second half revenue, for ongoing businesses, will be approximately 15% lower than for the first half of the current financial year.

Whilst revenue in the Aerospace division is expected to be broadly flat there have been a number of contributory factors in the other business segments. 

The Energy division has seen lower demand from its customers as a result of continuing weakness in the mining and, to a lesser extent, power generation sectors.

In the Transportation division, the ramp up in new customer revenues in the second half for the US business, whilst encouraging, has not been sufficient to offset the business lost through the latter part of the first half which was the result of resourcing decisions made by customers at the time the business went into receivership. The slightly lower second half revenues from the UK Transportation business is expected to be in part compensated for by the growth in product revenues from the China operation. 

Steps have already been taken to restructure the business in response to these lower revenue levels but it is now anticipated that full year PBT* will be materially below current market expectations. 

Tricorn will provide a further update on current trading and prospects in April 2014 following the completion of its financial year to 31 March 2014.

*All references to PBT are before intangible asset amortisation, share based charges, fair value adjustments and restructuring costs.

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Notes to Editors:

Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy, Transportation and Aerospace sectors.

Headquartered in Malvern, UK, Tricorn employs around 400 employees, has 6 manufacturing facilities in China, USA and UK. It operates through five brands: MTC; Maxpower, RMDG Aerospace and Franklin Tubular Products.