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.
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.
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
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.
-
FTSE 100 hits record highs – why is it rising and will we see more gains?
Advice UK equities have been described as unloved for a long time but as the FTSE 100 hits new highs, we explain if now is the time to buy British.
By Marc Shoffman Published
-
How to invest in copper
It may be time to invest in copper as the red metal appears poised for a big jump. Dominic Frisby looks at what should investors should buy
By Dominic Frisby Published