Tricorn expects pre-tax profits to be 'significantly ahead' of last year

Tricorn told investors on Wednesday that first half revenues were expected to be in line with those seen a year earlier as growth in its transport division helped offset reduced demand at its power generation rentals unit.

The AIM-listed tube manipulation specialist said that despite being flat year-on-year for the six months to 30 September, revenues looked set to grow 6% in the backhalf of the year.

Growth in Tricorn's transportation division balanced out much of the reduction in the energy sector, where demand from the power generation rental sector was lower than the same period a year earlier.

Tricorn said it remained focused on improving its operational performance and, as a result, now expects adjusted pre-tax profits for the period to be "significantly ahead" of the corresponding period and that its full-year results will be "in line with market expectations".

The group will release its unaudited interim results for the six months ended 30 September on 5 December.

As of 1110 BST, Tricorn shares had slumped 7.08% to 30.20p.