Profits soar by almost 50% at pipe manufacturer

A firm which specialises in manufacturing tubes saw its profits rise by almost 50% last year.

Malvern based Tricorn is listed on Aim and published its interim results this morning.

 Profit were up 49.5% to £553,000 and revenues almost doubled from £11.4m to £22.1m to the end of March.

Chairman of Tricorn Andrew Moss said: “The group has made good progress over the past six months with a focus on margins which contributed to a significant increase in profit before tax and a 52% increase in earnings per share compared to the first half of last year.

“This reflects the benefits of an efficient operational base spanning three key geographic regions, a global customer base and new business opportunities across both divisions, which are being implemented.

“The pipeline of new business opportunities remains encouraging.”

He added: “Over the past two years, we have seen significant growth in our end markets.

“However, towards the end of the period, we witnessed signs of this growth slowing.

“Against this background, and after considering the impact of new business wins, the board anticipates group revenues in the second half to be similar to the first and full year underlying profit before tax to be in line with market expectations.”