Tricorn shares rise after another positive update

Tricorn, a maker of pipes for the power industry and aircraft engines, said it would top market expectations with its full year results, which had already been upgraded as recently as February.

The news pushed shares up almost 7% in Tuesday morning trading as the firm predicted a 13% increase in sales in the year to the end of March.

Tricorn said all its divisions had experienced strong demand through the final quarter.

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Profit margins were ahead of last year both at group and divisional level reflecting continuing improvement in operational performance, the company said.

It singled out the performance of its aerospace division as being particularly encouraging and said the business would return to profitability for the full year.

Full year group profit before tax is expected to be around £1.6m, up around 50% on the previous year, and slightly ahead of the recently upgraded market expectations following the company's trading update announced on 28 February 2012.

"Given the continued strong performance of the group, the board will be recommending the payment of a final dividend as part of its progressive dividend policy," the firm said.

Further details on this and current trading will be given in Tricorn's full year preliminary results, which are scheduled to be released on 11 June 2012.