AIM-listed tube manufacturer Tricorn surged on Monday following the release of its interim results, in which it reported a decent increase in the half-year dividend.
The company, which operates in three main segments - Energy & Utilities, Transportation and Aerospace - is to pay shareholder 0.1p per share in respect of its first-half performance, up 43% on the 0.7p a share paid out last year.
Revenue in the six months to the end of September fell from £12.42m to £11.55m as a result of "softening markets" in the second quarter.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Nevertheless, improvements in operating profit margins across all three businesses helped group pre-tax profit grow from £0.72m to £0.85m.
Tricorn said that its plan to establish a manufacturing facility in China is "on track" and shipments of first products are expected later this month.
Chairman Nick Paul said: "We have delivered a strong set of half year results demonstrating continued improvements in operating margins, strong cash generation has led to a considerably strengthened balance sheet and we have made encouraging progress in establishing our manufacturing facility in China. This, alongside the pipeline of opportunities for new business positions us well for further growth.."
While Paul admitted that, in the shorter term, the softening in markets seen is likely to continue into the second half, investors didn't seem too bothered, with shares up 6.47% at 18.10p by 15:40.
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
