Tricorn surges on strong showing from transportation division

5th Apr 2019 09:23

(Sharecast News) - Tube manipulation specialist Tricorn expects to have seen an increase in revenues during its last financial year despite lower demand in its power generation rental operations.AIM-listed Tricorn said it anticipates revenue for the year ended 31 March to be around 2.5% ahead of the previous year.New business growth in the group's transportation division more than offset the reduction in revenues seen in its energy division which, as anticipated, saw "significantly lower" demand from the power generation rental sector.Pre-tax profits are expected to have risen roughly 30% year-on-year.Tricorn, which will release its full-year results on 3 June, also told investors on Friday that its joint venture in China had continued to "perform well".As of 0920 BST, Tricorn shares had shot up 18.06% to 18.89p.