Tricorn Group Plc Interim Results Presentation

December 2011

Agenda

• Introduction

• Highlights

• Financial Review

• Business Review

• Outlook

2

Introduction Global Tubular Solutions

Energy & Utilities Transportation Aerospace

3

Introduction

• Supply major global blue chip OEMs– International demand drives order book-

around 2/3 of product ultimately destined for overseas

– Markets include power generation, oil & gas, mining, construction, water, aerospace

– High proportion of recurring revenue.

• Focus on creating embedded value– Developing collaborative relationships

– Operational excellence

– Low cost sourcing

– Delivering competitive advantage

4

Highlights

• Fourth consecutive period of growth

• Revenue up 23%, operating profit margin* up 24% and PBT* up 61% when compared to H1 2010

• Group benefiting from– Exposure to world markets– Strengthened key account management – Investment in facilities – Improving operational performance

• Resolutely focused on delivering excellence

• Encouraged by new business secured and opportunities being progressed

• Interim dividend declared

5

* - References to Operating Profit, Operating Profit Margin, PBT and Adjusted EPS are before intangible asset amortisation, share based payment charge and interest rate swap valuation

6

Financial Review

7

Financial Review- Overview H1

2011/12 £’000

H1 2010/11

£’000

Change

Revenue 12,420 10,090 23%

Operating profit 785 519 51%

Operating profit margin % 6.3% 5.1% 24%

Profit before tax 722 449 61%

Adjusted EPS 1.66p 1.06p 57%

Dividend 0.07p - n/a

Cash and equiv 2,061 1,314 57%

Net cash/(Debt) 72 (551) n/a

Headcount 338 293 15%

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Financial Review - Headlines

£449k £617k

1.06p 1.51p £1.3m £1.6m

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Financial Strength

• Fourth consecutive period of half yearly growth in both turnover and PBT

• Further increase in cash & equivalents to £2.1m

• Group now in a net cash position (£72k at 30 Sept 2011)

• Term loan of £250k repaid early and in full in October 2011

• Investments made in capital equipment yielding benefits

• Interim dividend declared of 0.07p per share

Business Review

10

Energy & Utilities Division

• Sales up 27% on H1 2010/11

• EBITA up 25%

• Investment in facilities has extended capability and capacity

• New business secured in excess of £1.5m

• Additional prospects being progressed

• Further opportunities to improve operational efficiencies through H2

£’000 H1 2011/12

H1 2010/11

Sales 5,521 4,351

EBITA 455 363

EBITA % 8.2 8.3

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Transportation Division

• Sales up 32% on H1 2010/11

• EBITA up 53%

• Close working with customers to support launch of latest low emissions engines

• Significant opportunities for growth

• Strengthening customer relationships

12

£’000 H1 2011/1

2

H1 2010/11

Sales 4,332 3,282

EBITA 366 240

EBITA % 8.4 7.3

Aerospace Division

• Sales up 4.5% on H1 2010/11

• EBITA up 79%

• Operational improvements started to positively impact in latter part of H1

• Long term business secured

• Growth prospects in sector encouraging

13

£’000 H1 2011/12

H1 2010/11

Sales 2,567 2,457

EBITA (33) (158)

EBITA % - -

Outlook

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Outlook

• Benefiting from exposure to global markets

• Encouraged by progress made

• Strong balance sheet

• Significant opportunities for growth

• Confident of meeting market expectations

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