Tricorn reports successful year

#manufacturing #engineering Tricorn Group, the Malvern-based tube and pipe specialist, has reported a 50% increase in its full-year dividend. Revenues declined slightly after the loss of a Rolls-Royce contract (£21.9 million in the year to 31 March, compared with £24.7 million in the previous 12 months), but pre-tax profits remained at £1.6 million.

Tricorn set up a facility in China during the financial year, as well as acquiring a tubular-products manufacturer in the USA. All these developments were funded from the group’s balance sheet. The group is also in the advanced stages of establishing a joint venture in China.

Chairman Nick Paul said: “I am delighted to report significant progress for the group. We now have five manufacturing facilities on three continents, providing a strong platform for substantial growth. The increase in the dividend reflects the board’s confidence in the group’s future prospects.”