Shares surge as tube manufacturer predicts better than expected profit and revenue figures
Shares in West Midlands-based pipe and tube manufacturer Tricorn soared this morning after a bullish trading update predicting higher than expected profits and revenue.
The company, which includes the Maxpower Automotive factory in West Bromwich, is now expecting revenue for the 12 months ending March 31 will have been 20 per cent ahead of the previous year, thanks to buoyant markets and the impact of new business wins.
Tricorn, listed on the AIM small companies stock market. saw its shares surge 20% in early trading in the wake of the update.
The company said: "Excellent progress has been made across both of the group's divisions with all businesses delivering increased revenue and substantial improvements in profitability over the previous year.
"The performances of the group's USA business and its joint venture in China have been particularly encouraging."
As a result, the group's results for the last three months of its financial year have been better than anticipated, and the board now expects adjusted pre-tax profits to be ahead of market expectations.
Tricorn will provide a further update on current trading and prospects when it releases its audited full year results, which is expected to be on June 6.
With its headquarters in Malvern, Tricorn employs around 300 people across its four factory sites in China, the US and the UK
