Tricorn Group PLC – Final Results

Tricorn Group PLC – Final Results

Tricorn Group plc (AIM: TCN.L), the tube manipulation specialist, announces its audited final results for the year ended 31 March 2019.  

Highlights

  • Revenue up 2.6% to £22.763m
  • Profit before tax up 31.6% to £1.088m
  • Improved profitability of the Transportation Division
  • Continued strong growth in profits from the China Joint Venture
  • Recommended final dividend of 0.2p per share
  • US expansion announced post year end

Financial Summary

2019

2018

£’000

£’000

Revenue

 

22,763

22,180

EBITDA*

1,872

1,575

Profit before tax*

1,088

827

Cash generated by operations

1,189

1,532

Cash and equivalents

493

692

Net debt

 

   (3,290)

(2,982)

Recommended final dividend per share

0.2p

Nil

Earnings per share – basic*

3.02p

2.65p

 

* All references to EBITDA, profit before tax and earnings per share are before intangible asset amortisation, share based payment charges and fair value charges relating to foreign exchange contracts. 

Commenting on the results and the Group’s prospects, Andrew Moss, Chairman of Tricorn, said:

“I am delighted to report that Group revenues increased 2.6% in the year whilst profit before tax improved by 31.6% to £1.088m. Earnings per share increased by 14.0% to 3.02p. These results reflect our focus on growth and our continuing investment in our global operations.

Our Transportation division delivered strong revenue growth coupled with improved margins. The increased contribution from our joint venture in China resulted from strong operational performance.  

We are excited by the recently announced expansion of our capabilities in the USA.  This allows us to bring in-house previously sub-contracted painting processes and also addresses our plans to broaden our product offering in this key market.

Given the progress made to date and our confidence in the future prospects of the Group, the Board is recommending the reinstatement of a final dividend of 0.2p per share.

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