Tricorn Group PLC Trading Update (2549C)

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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 [phone] 
 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

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April 12, 2017 02:00 ET (06:00 GMT)