Manufacturer’s overseas growth delivers profit jump
Manufacturing group Tricorn increased pre-tax profits by nearly one-third last year and is looking ahead positively to further growth.
The Malvern-based business achieved profits of £1.1m as revenues edged up slightly to £22.8m in the year to March.
“These results reflect our focus on growth and our continuing investment in our global operations,” said Tricorn chairman Andrew Moss.
The board has reintroduced a final dividend, of 0.2p.
Tube manipulation specialist Tricorn has recently restructured its business to reflect how the company now operates. It used to split into its two main divisions, focused on the transportation and energy sectors, but has now regrouped geographically.
It will have three business units: Tricorn UK, which will include Malvern Tubular Components and Maxpower Automotive; Tricorn USA, bringing together Franklin Tubular Products and the Rabun Gap; and its joint venture in China, Minguang-Tricorn Tubular Products.
Last month Tricorn agreed a five-year lease on a 47,000 sq ft facility in Georgia while at the same time acquiring a paint line for $50,000 that was installed in the building – which it estimates originally cost more than 10 times the purchase price.
Moss added: “We are excited by the recently announced expansion of our capabilities in the USA. This allows us to bring in-house previously sub-contracted painting processes and also addresses our plans to broaden our product offering in this key market.”
