Malvern-based Tricorn Group has seen a huge rise in sales for the first half of the year following a recent upturn in some of its markets.
The AIM listed tube manipulation specialist said in a trading statement that sales were expected to be 40 per cent higher than the first half of last year with the principal driver being the continued recovery in the energy and transportation sectors. Sales in aerospace and utilities have remained broadly in line with the second half of last year.
The statement added that operating profit margins have also continued to improve with strong performances in energy and transportation more than offsetting the lower margins in our aerospace business.
As a result, full year profits before tax were expected to be slightly ahead of market expectations. The company is set to post its interim half-yearly results up to September 30 on December 6.