Tricorn Group (TCN) - Contract Loss RNS Number : 2145Q Tricorn Group PLC 02 November 2012 2 November 2012 Tricorn Group Plc ("Tricorn" or the "Group") Contract Loss Tricorn Group plc (AIM:TCN.L), the AIM listed tube manipulation specialist, announces that it has been informed that Rolls-Royce is not intending to renew or extend the supply agreement with its subsidiary, RMDG Aerospace, that expires on 31^st December 2012. The supply agreement relates to the ongoing supply of pipe assemblies and accounted for approximately 11% of the Group's revenue as reported in its financial statements for the year ended 31 March 2012. Mike Welburn, Chief Executive of Tricorn, commented: "We are extremely disappointed to be advised of this decision. We have continued to improve operational performance within the business and remain committed to the aerospace sector. We have a healthy pipeline of new opportunities and will be working hard to replace this lost volume as quickly as possible." The impact of this contract loss on full year earnings is under evaluation at present and the Group will provide a further update at the time of the release of its unaudited interim results for the six months ended 30 September 2012, which is expected to be on 3 December 2012. For further information please contact: Tricorn Group plc Tel +44 (0)1684 569956 Mike Welburn - Chief Executive www.tricorn.uk.com Phil Lee - Group Finance Director Westhouse Securities Limited Tel + 44 (0)20 7601 6100 Tom Griffiths - Corporate Finance Henry Willcocks - Corporate Broking Winningtons Tel + 44 (0)20 3176 4722 Tom Cooper / Paul Vann Tel + 44 (0)797 122 1972 email@example.com Notes to Editors: Tricorn is a value added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the Energy & Utilities, Transportation and Aerospace sectors. Headquartered in Malvern, UK, Tricorn employs around 300 employees and operates through four brands: MTC; Redman Fittings; Maxpower and RMDG Aerospace. This information is provided by RNS The company news service from the London Stock Exchange END CNTBBBDBRGGBGDD -0- Nov/02/2012 11:10 GMT
Tricorn Group TCN Contract Loss
Press spacebar to pause and continue. Press esc to stop.