WORCESTERSHIRE-based tube and piping manufacturer Tricorn Group has seen a huge spike in its operating profit and revenues for the full year.
In its preliminary results for the year ended March 31, 2011, the Malvern company said operating profit climbed from £425,000 to £1.98m while revenues rose year-on-year from £15.03m to £21.7m.
Operating profit margin climbed from 2.8% to 5.5% while pre-tax profit rose from £288,000 to £1.06m. Net debt has fallen dramatically from £841,000 £61,000.
Tricorn employs more than 300 people and operates through four brands – MTC, Redman Fittings, Maxpower and RMDG Aerospace.
Chairman Nick Paul CBE, who was once chairman of Advantage West Midlands, said: “Tricorn has made encouraging progress throughout the year with revenues across the group up 45% and with a significant improvement in operating margins.
“The energy and transportation sectors have been the principal drivers for this, benefiting from market recovery and increasing market share.
“Based on the progress we have made and our confidence in future prospects, the board is recommending the payment of a maiden dividend of 0.1p per share as part of a longer term progressive dividend policy.”
