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Tricorn Preliminary ResultsFor year ended 31st March 2012

June 2012

Mike Welburn, Chief Executive OfficerPhil Lee, Group Finance DirectorDavid Leakey, Group Sales Director

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• Introduction to Tricorn

• Results Overview

• Financial Review

• Delivering Competitive Advantage

• Business Performance

• China Expansion

• Outlook

Agenda

Introduction

• Supply major global blue chip OEMs with bespoke tubular systems– Around 2/3 of product ultimately destined

for overseas

– Operate in niche markets with low batch sizes and high variety

– High proportion of recurring revenue

• Focus on creating value– Develop collaborative relationships

– Operational excellence

– Low cost sourcing

– Deliver competitive advantage

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Introduction Energy & Utilities Transportation Aerospace

43%

35%

22%

Revenue split

Energy&Utilities

Transportation

Aerospace

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Tubular components and assemblies for diesel engines, generator sets and radiator manufactureWorldwide patented technology for joining multi layer and polyethylene pipe systems

Power generation, mining oil & gasWater and gas utilities

Rigid pipes and assemblies for aero enginesWorldwide aviation market

Manipulated tube and pipe assemblies in ferrous, non-ferrous and nylonOff Highway and niche automotive manufacturers

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– 14% growth in revenue• Aligned with global blue chip OEMs • Strong demand in all divisions• Well positioned to capitalise on South-East Asia markets

– 48% improvement in operating profit• Operating margins up 1.7% to 7.2%• Aerospace performance significantly improved

– 47% increase in adjusted EPS– Balance sheet continues to strengthen

• Net cash• Lowered inventories• Cash and cash equivalents

– Proposed full year dividend doubled

Results Overview

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Financial Review

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Financial Review- Overview

* - Before intangible asset amortisation, share based payment charges, interest rate swap and foreign exchange derivative valuation.

2012 £’000

2011 £’000

Change

Revenue 24,706 21,764 14%

Operating profit* 1,771 1,198 48%

Operating profit margin * 7.2% 5.5% 31%

Profit before tax* 1,622 1,066 52%

Adjusted EPS* 3.78p 2.57p 47%

Dividend 0.2p 0.1p 100%

Cash and equiv 2,468 1,612 53%

Net cash/(Debt) 586 (61) n/a

Headcount 318 316 -

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Financial Review - Headlines

* - Before intangible asset amortisation, share based payment charges, interest rate swap and foreign exchange derivative valuation.

2010 2011 2012

Net cash/(debt)£0.6m

£(0.1)m

£(0.8)m

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Financial ReviewContinued strengthening of the Group’s financial

position……• Improved operating margins• Group now in a strong net cash position - £586k

• Increase in cash & equivalents to £2.5m• Term loan of £250k repaid early • Significant headroom on short term facilities

• Further reduction in inventory levels

….to invest for future growth• China manufacturing facility on plan to be operational by

the end of 2012• Capital investment in existing facilities to increase

capacity and deliver further operational improvements

….and provide a return to Shareholders• Doubling of full year dividend to 0.2p

* - Before intangible asset amortisation, share based payment charges, interest rate swap and foreign exchange derivative valuation.

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Delivering Competitive Advantage

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Business Review

Energy & Utilities Division

• Sales up 11% on previous year

• Operating profit margins further improved

• Tube bending capabilities extended

• Investment in 3D CAD for rapid prototyping and fixture development

• Engineering team expanded

£’000 2012 2011

Sales 10,691 9,674

Operating margin %

9.2 9.0

PBT 923 808

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Transportation Division

• Sales up 21% on previous year

• Operating profit margin further improved

• PBT up 28%

• Expanding product offering

• Electronic fixtures have provided further opportunities for growth

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£’000 2012 2011

Sales 8,681 7,155

Operating margin %

8.8 8.4

PBT 763 598

Aerospace Division

• Sales up 8% on previous year

• Business returned to profit in H2 and for the full year

• Operational performance significantly improved under strengthened management team

• New business secured

• Growth prospects encouraging

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£’000 2012 2011

Sales 5,334 4,935

Operating margin % 1.0 -

PBT 25 (307)

China Expansion

• Part of strategic development in South-East Asia

• Utilises our well established supply base and resources in China

• Customer led: supports our customers in their localisation of supply

• Signed letter of intent with major customer

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China Expansion

• Plan announced early March 2012

• Company registration complete

• Installation of plant and equipment will commence shortly

• General Manager appointed

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China Expansion

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China Expansion

• Initial investment (c. £1m) funded directly from balance sheet

• Facility to be operational by end of 2012 and earnings enhancing in 2014

• Focussed on:• Supplying customers operating in the region• Developing business with new customers

• Significant opportunity for growth

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• Aligned with major global OEM’s

• Expansion of manufacturing to service growing markets of South-East Asia

• Very optimistic about mid-term growth opportunities

• Confident of making further progress in the current year.

Outlook