Tricorn turns a corner as it returns to profit
MALVERN-based engineering group Tricorn has returned to profitability at operating profit level.
The group says it is making encouraging progress but expects markets to remain challenging.
Revealing its final results for the year ended March 31, the AIM-listed tube manipulation specialist recorded an operating profit of £176,000 compared to a loss of £17,000 in 2014.
Revenue was slightly down at £21.18m (2014: £21.22m) and in pre-tax terms the firm made a loss of £55,000 compared to £193,000 in 2014.
Net debt was reduced from £3.38m in 2014 to £3.12m.
Tricorn said it has seen significant improvement in the operational performance of the US operation and said its expanding international presence helped secure a contract win worth circa £10m in December 2014.
Tricorn chairman Andrew Moss said: “The group has made encouraging progress, with the improvements made in the previous year within the energy division being maintained and the impact of the recent operational changes in the USA starting to take effect in the latter part of the year.
“The major contract win by Maxpower Automotive announced in December 2014 and increasing second half revenues in the USA and China are positive indications of the group’s potential to deliver organic revenue growth and shareholder value over the medium term.
“Whilst we anticipate our markets to remain challenging, the board expects to make further progress through the current year.”
During the period in question, Tricorn sold its aerospace business RMDG Aerospace to a subsidiary of Avingtrans for £1.06m.
Tricorn employs around 370 employees and has five manufacturing facilities in the UK, USA and China. It operates through three brands: Malvern Tubular Components, Maxpower Automotive and Franklin Tubular Products.
