News blog
Tricorn Group
- BY: Andrew Hore |
- POSTED: 12/06/2011 |
Engineer Tricorn Group reported strong growth in profit even though the aerospace division fell into profit.
Strong performances from the energy and transportation divisions helped underling pre-tax profit improve from £288,000 to £1.07m in the year to March 2011. Revenues grew 45% to £21.8m.
Net debt fell from £841,000 to £61,000 and the strong balance sheet means that Tricorn has decided to pay a maiden dividend of 0.1p a share.
Tricorn supplies tubular components for diesel engines and generators bought by the energy sector. Demand is particularly strong and capacity is being increased. Supplying additional products helped the transportation division. The core customer base is off highway construction vehicles.
Aerospace was hit by problems with its supply chain for aero engine parts and higher materials costs. New management is sorting out the problems and the parts that were not available have become available again.
Tricorn wants to acquire niche engineering businesses which supply blue chip customers and can make EBITDA margins of at least 10%.
At 36.25p a share, Tricorn is valued at £11.7m.
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