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Tricorn Group plc

Tricorn Group plc. Steve Cooper-Chief Executive Mike Welburn-Sales Director. Preliminary Results Presentation. Results Overview-Highlights. Excellent progress on all fronts PBT* £616k ( £191k 2005) Strong cash generation £852k Continued cost reduction Further improvement in productivity

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Tricorn Group plc

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  1. Tricorn Group plc Steve Cooper-Chief Executive Mike Welburn-Sales Director

  2. Preliminary Results Presentation

  3. Results Overview-Highlights • Excellent progress on all fronts • PBT* £616k ( £191k 2005) • Strong cash generation £852k • Continued cost reduction • Further improvement in productivity • Group well positioned for further expansion * Excluding goodwill amortisation

  4. Results Overview • *Before goodwill amortisation • **Before disposal of operation

  5. Strong Cash Generation * Excluding loan repayment and proceeds from sale of business

  6. Business Review • Redman Fittings • Innovative pipe jointing system • Issquared • Small team focussed on product development opportunities within the water sector • MTC • Tube manipulation specialist with blue chip OEM customer base.

  7. Redman • Moved to profit in H2 • Focus on OEM’s complete • AMP 3 to AMP4 resulted in softer market-now recovering • Issquared • Development contract complete Above businesses combined at end of March 2006

  8. Largest of the businesses • Blue chip customer base • Cummins, CAT, Perkins, F G Wilson • Key end market is power generation • Generator sets • Diesel engines • Radiators

  9. Sales • Further market share gain • Existing customers • New customers • Markets remains strong and stable • China • North America

  10. Operations • Further 15 % productivity improvement • China operation working well • increased scope for resourcing • Quality further improved-Customer returns halved on previous year (half of a tiny amount!!) • On time delivery performance maintained

  11. Outlook • Power generation sector remains strong and stable • Further organic growth anticipated • Additional scope for low cost sourcing • Lean manufacturing will continue to deliver benefits • Outlook positive

  12. Acquisition

  13. Exchange of Contracts Robert Morton Holdings 6/6/06 • Now RMDG Aerospace ( was Tecalemit Aerospace UK) • Cash consideration £1.6m • Sales (Dec 05) £4.6m • PBT £4k • Net assets £1.6m • Employees 64

  14. Products Manipulated tubular assemblies 1.5-50mm Extensive in house testing capabilities including radiograph Manipulated tubular assemblies 20mm-250mm

  15. Applications

  16. Market • Aerospace focus • Good growth • Significant barriers to entry • Blue chip customer base • Rolls Royce, Shorts Bombardier, Nord-Micro, Eaton Aerospace

  17. Group Focus

  18. Outlook • The type of business we understand well • Growing market • Scope for productivity improvement • Material resourcing opportunities

  19. In summary Techniques deployed successfully at MTC will be used at RMDG Acquisition

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