Manufacturer’s share price hits four-year high

Shares in Worcestershire manufacturer Tricorn reached a four-year high after it revealed it had accelerated its improving performance.

A strong final quarter has capped off a second good year for the business, which reported losses in its 2016 financial year, and it now expects annual profits to outperform expectations.

The tube manipulation specialist has told the stock market that revenues will be around 20% higher than a year ago – “benefitting from buoyant end markets and the impact of new business wins”, it said – with its adjusted pre-tax profits also improving.

The market responded positively, sending its share price to a four-year high in early trading. Its shares closed up 18% at 26.5p, its highest level since January 2014.

Tricorn said: “Excellent progress has been made across both of the Group’s divisions with all businesses delivering increased revenue and substantial improvements in profitability over the previous year. The performances of the group’s USA business and its joint venture in China have been particularly encouraging.”

The Malvern-based group manufactures pipe and tubing assemblies to the energy and transport sectors.