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Tricorn Preliminary Results For Year Ended 31 March 2009

Tricorn Preliminary Results For Year Ended 31 March 2009. Nick Paul, Chairman Mike Welburn, Chief Executive Phil Lee, Finance Director. Agenda. Background Results Summary Financial Review Business Performance Focus for 2009 Summary. Background-Senior Management. Nick Paul CBE

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Tricorn Preliminary Results For Year Ended 31 March 2009

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  1. Tricorn Preliminary ResultsFor Year Ended 31 March 2009 Nick Paul, Chairman Mike Welburn, Chief Executive Phil Lee, Finance Director

  2. Agenda • Background • Results Summary • Financial Review • Business Performance • Focus for 2009 • Summary

  3. Background-Senior Management • Nick Paul CBE • Chairman • Appointed 2001 • Previously Deputy Chief Executive of IMI • Also Chairman of Advantage West Midlands • Mike Welburn • Chief Executive • Joined Tricorn April 2003 • Appointed Chief Executive November 2007 • Previously Director of Global OEM Strategy for IMI’s Fluid Power Division • Phil Lee • Group Finance Director • Joined Tricorn January 2009 • Previously Finance Director of Distributed Generator Systems (Rolls-Royce Energy Business)

  4. Background-Customer Base • Blue chip Original Equipment manufacturers • Caterpillar • Rolls-Royce • Cummins • JCB • Shorts Bombardier • Land Rover • GPS • Bearward • Uponor • Eaton Aerospace

  5. Business Backgroundtructure .

  6. Results Summary • Results significantly impacted by market down turn in second half. • The Group has acted decisively to reduce operating costs. • Improved cash flow from operations. • Cash and equivalents increased 80% to £713k. • Gearing and net debt reduced to 16% and £2,064k respectively.

  7. Results Summary * Before restructuring costs, amortisation, share based charges and fair value adjustments.

  8. Results Summary * Long term debt to equity

  9. Financial Review

  10. Financial Review-Sales * excludes any sales from acquisitions not included in prior year

  11. Financial Review-Profit * Before restructuring costs, amortisation, share based charges and fair value adjustments.

  12. Financial Review - Profit * Before restructuring costs, amortisation, share based charges and fair value adjustments.

  13. Financial Review - Balance Sheet

  14. Financial Review - Cash flow

  15. Financial Review - Facilities

  16. Business Review

  17. Malvern Tubular Components • Gains in market share • Significant softening in demand over final quarter • Productivity being maintained

  18. Redman Fittings • Relationships with existing blue chip customers remain strong • New accounts and projects secured • Low overhead base • Some signs of increasing demand

  19. Maxpower Automotive • Good progress • low cost country sourcing • Lean manufacture • ERP implementation • Increasing customer penetration • Market demand stabilising * Excludes revaluation reducing stock by £98k in 2009

  20. RMDG Aerospace • Market remains firm • Progress has been slower than targeted • Business refocused and restructured to improve margins • Significant improvements in 2009/2010

  21. Focus for 2009/10 • Capacity Alignment • Cost Reduction • Balance Sheet focus

  22. Focus for 2009/10 - Capacity Alignment • Headcount reduced • Short time working-managed weekly • Extended shut downs • Productivity stabilised and will further improve • Skills being retained • Able to respond quickly to upturn

  23. Focus for 2009/10 - Cost Reduction Run rate at start of year Indirect headcount -23% Overheads -28% • Reduced overheads • Back office integration • Shared services • Reduction in pay • Suspension of bonus/merit and pay awards • Spend controls

  24. Focus for 2009/10 - Balance Sheet • CAPEX <50% of depreciation • Working capital reduction programmes at all sites • Operating cash flow for 3 months to the end of April 2009 £240k

  25. Summary • Markets remain difficult • Decisive management action • Balance sheet will further improve • Well positioned to take advantage of upturn

  26. The information contained in this presentation, and upon which this presentation is based, has been produced by Tricorn Group plc (“the Company”). This presentation is confidential and is solely for the use of the directors of the Company in connection with the Company’s preliminary results for the year ended 31 March 2009. Neither the whole nor any part of the information in this presentation may be disclosed to, or used or relied upon by, any other person or used for any other purpose and, in particular, should not be distributed outside the United Kingdom, without the prior written consent of the Company. The material contained herein may include unpublished price sensitive information, the misuse of which may result in criminal and/or civil proceedings against you. None of the information on which this presentation is based has been independently verified. Accordingly, neither the Company nor any of its connected persons accepts any liability or responsibility for the accuracy or completeness of, nor makes any representation or warranty, express or implied, with respect to, the information on which this presentation is based or that this information remains unchanged after the issue of this presentation. No duty of care or otherwise is owed by the Company or any of its connected persons to any other person in relation to this presentation. This presentation is not intended to provide the basis of any investment decision and should not be considered as a recommendation by the Company or any of its connected persons to any recipient of the presentation in relation to the Company’s preliminary results for the year ended 31 March 2009. No person has been authorised to give any information not contained in this presentation. Nothing in this presentation is, or should be relied on as, a promise or representation as to the future. Any projection, estimate or statement as to future performance contained in this Presentation contains significant assumptions and subjective judgements by such persons concerning anticipated results and may or may not prove to be correct and there can be no assurance that any predicted results are attainable or will be realised. This Presentation has not been approved by an authorised person for the purposes of the Financial Services and Markets Act 2000 or any other regulatory authority. This presentation may only be communicated in the United Kingdom to: investment professionals, such persons having professional experience in matters relating to investments of this kind and who fall within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the “FPO”); high net worth companies or high net worth unincorporated associations falling within Article 49 of the FPO; persons who are already shareholders of the Company within article 43 of the FPO; and any other person to whom this promotion may lawfully be directed. This document will only be available to the categories of persons in the United Kingdom described above and any other person should seek their own independent legal, investment and tax advice as they see fit. In this notice, “connected persons” means, the holding company of the Company, the shareholders, subsidiaries and subsidiary undertakings of that holding company and their respective directors, officers, employees, advisers and agents of each of them. Disclaimer

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