Tricorn Group PLC (LON:TCN) shares rose on Wednesday, as the tube manipulation specialist reported increase in revenue and profits, driven by new business growth and improved market demand from key customers.
The AIM-listed firm said for the year ended 31 March 2018, its revenue increased 19.8% to £22.18mln from £18.51mln a year ago. Profit before tax soared 260% to £0.82mln from £0.23mln.
READ: Tricorn expects its full-year adjusted profits to beat market expectations, with revenues boosted by a weaker pound
The company said “excellent progress has been made” across both divisions, with all businesses delivering “increased revenue and substantial improvements in profitability.”
The group said its Chinese joint venture, Minguang-Tricorn Tubular Products, delivered its first full-year profit of £0.209mln following its merger in July 2016.
Tricorn Group said its underlying earnings per share was 2.65p, up from 0.72p a year ago.
Andrew Moss, chairman of Tricorn, said: “Our strong cash generation has enabled us to reduce our net debt whilst continuing to invest in the business.”
He added: “These investments in developing our capabilities and increasing our capacity have enabled us to win new businesses, grow market share and take full advantage of buoyant markets.”
“With momentum building across the businesses, the board expects the group to make further significant progress in the current year,” Moss concluded.
In early morning trading, Tricorn’s shares jumped 12.9% to 35.00p.