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Tricorn Group

  • BY: Andrew Hore |
  • POSTED: 06/08/2014 |

Engineer Tricorn Group has sold the assets of its aerospace division to Avingtrans but this will not hit forecast profit.

Derbyshire-based RMDG makes rigid pipe assemblies and has been sold for £1.1m. In the year to March 2014, revenues fell from £5.8m to £3.2m, which was nearly 15% of group revenues of £24.5m, and RDMG made an operating loss of £410,000, the main part of the Tricorn loss of £999,000. RDMG was expected to make a further loss on revenues of £3.72m this year.

Tricorn had previously sold Redman Fittings for £600,000.

Tricorn will focus on transportation and energy which are both expected to return to profit this year.

Westhouse is maintaining its 2014-15 profit forecast at £200,000 with a jump to £1.7m in 2015-16. Net debt was £3.4m at the end of March 2014 and prior to the latest disposal net debt was expected to be similar at the end of March 2014.

At 20p a share, up 1p, Tricorn is valued at £6.6m. The shares are trading on 40 times 2014-15 prospective earnings, falling to five in 2015-16.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFAugust2014_59.pdf

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