Tricorn Group plc (AIM: TCN) £10m agreement offers a much needed boost
The AIM listed tube manipulation specialist has announced a 5 year Long Term Agreement with a major British construction equipment manufacturer which is expected to generate approximately £10m of revenue for the Group
The agreement is to supply rigid tube assemblies used in high pressure hydraulic applications. The Group’s subsidiary Maxpower Automotive UK will invest approximately £250k in additional manufacturing capability at its facility at West Bromwich to support the contract. Tricorn has had a tough year pushing the market cap down to a lowly £4m. This belies the size of a business which had full year revenues of £21m for the year ending March 2014, albeit that it resulted in a pre-tax loss of £200k. The agreement offers a much needed boost. The Group generated pre-tax profit of £1.16m on revenue of…