Tricorn Group PLC Trading Update (2549C)
12 April 2017 - 4:00PM
UK Regulatory
TIDMTCN
RNS Number : 2549C
Tricorn Group PLC
12 April 2017
12 April 2017
Tricorn Group Plc
("Tricorn" or the "Group")
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 ended 31 March 2017 (the "Year").
Revenue for the Year is expected to be slightly ahead of the
previous year with a favourable USD translation impact more than
offsetting the reduction in reported revenues from the enlarged
joint venture in China, which in line with Group policy is now
reported on a profit only basis.
Trading improved towards the end of the Year and second half
revenue was approximately 7.5% higher than the previous 6 months
and 20% higher than the corresponding period last year.
In the Energy Division, revenue in the second half of the Year
was sharply up on the previous six months reflecting both
strengthening end markets and the impact of new business wins. The
Transportation Division benefitted from new business growth in both
the UK and USA and second half revenue was approximately 10% higher
than the corresponding prior year period.
The Board now expects adjusted PBT* for the Year to be ahead of
market expectations.
Tricorn will provide a further update on current trading and
prospects at the time of the release of its audited full year
results, which is expected to be on 7 June 2017.
*All references to PBT are before restructuring costs,
intangible asset amortisation, share based charges, foreign
exchange derivative valuation.
For further information please contact:
Tricorn Group plc
Mike Welburn, Chief Executive Tel +44 (0)1684 569956
Phil Lee, Group Finance www.tricorn.uk.com
Director
Stockdale Securities Limited
Tom Griffiths Tel + 44 (0)20 7601 6100
Henry Willcocks
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 300
employees, has 4 manufacturing facilities in China, USA and UK. It
operates through four brands: Franklin Tubular Products, Malvern
Tubular Components, Maxpower Automotive and Minguang-Tricorn
Tubular Products.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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