Tricorn Group plc Steve Cooper-Chief Executive Mike Welburn-Sales Director 1
Preliminary Results Presentation 2
Results Overview-Highlights • • • Excellent progress on all fronts PBT* £ 616 k ( £ 191 k 2005) Strong cash generation £ 852 k Continued cost reduction Further improvement in productivity Group well positioned for further expansion * Excluding goodwill amortisation 3
Results Overview Year 06 05 Sales (£k) 6202 6075 Operating Profit (K) PBT* (£k) 639 264 616 191** • *Before goodwill amortisation • **Before disposal of operation 4
Strong Cash Generation £k H 1 H 2 Total 2006 419 433 852 2005* (81) 237 156 * Excluding loan repayment and proceeds from sale of business 5
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. 6
• Redman – Moved to profit in H 2 – Focus on OEM’s complete – AMP 3 to AMP 4 resulted in softer market-now recovering • Issquared – Development contract complete Above businesses combined at end of March 2006 7
• 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 8
Sales • Further market share gain – Existing customers – New customers • Markets remains strong and stable – China – North America 9
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 10
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 11
Acquisition 12
• Exchange of Contracts Robert Morton Holdings 6/6/06 – Now RMDG Aerospace ( was Tecalemit Aerospace UK) • • • Cash consideration Sales (Dec 05) PBT Net assets Employees £ 1. 6 m £ 4 k £ 1. 6 m 64 13
Products Manipulated tubular assemblies 20 mm-250 mm Manipulated tubular assemblies 1. 5 -50 mm Extensive in house testing capabilities including radiograph 14
Applications 15
Market • Aerospace focus – Good growth – Significant barriers to entry • Blue chip customer base – Rolls Royce, Shorts Bombardier, Nord-Micro, Eaton Aerospace 16
Group Focus 17
Outlook • The type of business we understand well • Growing market • Scope for productivity improvement • Material resourcing opportunities 18
Acquisition In summary Techniques deployed successfully at MTC will be used at RMDG 19
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