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Tricorn Group

  • BY: Andrew Hore |
  • POSTED: 11/06/2012 |

Engineer Tricorn Group had already flagged its record figures for 2011-12 thanks to strong performances from all divisions. 

Revenues grew 14% to £24.7m in the year to March 2012. Operating margins improved sharply from 5.5% to 7.2% and this helped underlying profit increase 52% to £1.62m.

Aerospace returned to profit but its operating margin is still less than 1%. Changes in emissions legislation were positive for the transportation division, while energy & utilities also grew its profit.

Net cash was £586,000 at the end of March 2012. The term loan was repaid last October. Capital spending will rise this year as Tricorn expands in China but the business is cash generative enough to pay for this investment.

The total dividend has been doubled to 0.2p a share.

House broker Westhouse forecasts a further improvement in profit to £1.7m in 2012-13, rising to £2.2m in 2013-14.

At 32p a share, Tricorn is valued at £10.7m. The shares are trading on less than nine times prospective 2012-13 earnings, falling to less than seven the following year. 

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFMay2012_32.pdf

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