Tricorn upbeat on revenue, adjusted pre-tax profit for full year

Tricorn is upbeat on its revenue and adjusted pre-tax profit for the full year, it said in a pre-close statement for the 12 months to 31 March.

"Revenue ... is expected to be slightly ahead of the previous year with a favourable USD translation impact more than offsetting the reduction in reported revenues from the enlarged joint venture in China," said Tricorn.

It also said that trading improved towards the end of the year. Second-half revenue was about 7.5% up on that in the first half and 20% up on the year.

In the Energy Division, revenue in the second half of the Year was sharply up on the previous six months reflecting both strengthening end markets and the impact of new business wins.

The Transportation Division benefitted from new business growth in both the UK and USA and second half revenue was approximately 10% higher than the corresponding prior year period.

"The board now expects adjusted pre-tax profit for the year to be ahead of market expectations," said Tricorn.

At 14:23 GMT, shares in AIM-listed Tricorn were up 12.28% to 16p each.