Tube manipulation firm Tricorn Group has revealed sales have jumped by 40 per cent in the second half of the year, driven by its energy and transportation sectors.
Malvern-based Tricorn (TCN) said profitability will be “significantly ahead of market expectations” as a result of the year-on-year rise. It expects to post a pre-tax profit of around £1 million for the financial year to March 31.
In a statement to the London Stock Exchange, the firm said: “Second half sales for the period ended 31 March 2011 are expected to be over 10 per cent higher than the first half and full year sales are expected to be around 40 per cent ahead of the previous year.
“Our energy and transportation sectors remain the principal driver for this with both sectors benefitting from strong market recovery and new business wins. We have also been encouraged by the continued growth in demand in the utilities sector, albeit from a relatively low base. Aerospace sales in the second half will be at very similar levels to those in the first half.”
The Post reported in December that Tricorn had seen pre-tax profits in the six months to September 30 rise to £449,000, compared to £105,000 in the same period last year.