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Tricorn Interim Results For period ended 30 th September 2009

Tricorn Interim Results For period ended 30 th September 2009. Nick Paul, Chairman Mike Welburn, Chief Executive Phil Lee, Finance Director. 10 December 2009. Agenda. Background Results Overview Financial Review Business Performance Summary and Outlook. Background. Company and People.

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Tricorn Interim Results For period ended 30 th September 2009

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  1. Tricorn Interim ResultsFor period ended 30th September 2009 Nick Paul, Chairman Mike Welburn, Chief Executive Phil Lee, Finance Director 10 December 2009

  2. Agenda • Background • Results Overview • Financial Review • Business Performance • Summary and Outlook

  3. Background

  4. Company and People • Tricorn Group plc • AIM listed in 2001 • Specialists in Global Tube Solutions • Energy, Transportation, Aerospace and Utilities Segments • Experienced Board • Strong track record of delivering profit and revenue growth • Nick Paul CBE - Non Executive Chairman - Appointed 2001 • Previously Deputy Chief Executive of IMI • Mike Welburn - Chief Executive - Joined 2003 • Previously Director of Global OEM Strategy for IMI’s Fluid Power Division • Phil Lee - Group Finance Director - Joined January 2009 • Previously Finance Director of Distributed Generation Systems (Rolls-Royce Energy Business)

  5. Business Segments • Energy • Fabricated tubular assemblies for diesel engines and radiator sets used in power generation, mining and oil and gas • Transportation • Nylon, rigid and hybrid pipe assemblies for engines, brake systems, fuel sender sub systems used in both on and off highway applications • Aerospace • Rigid pipe assemblies for civil and military aerospace applications • Utilities • Patented jointing solution for multi layer and single layer pipe systems used in the water and gas markets

  6. Business Segments

  7. Results Overview

  8. Results Overview *Before restructuring costs, amortisation and fair value adjustments **Total net debt to equity

  9. Results Overview • Short term strategy as outlined at time of preliminary announcement focussed on 3 key areas • Rapid capacity alignment • Reduction in overheads • Cash optimisation • Significant progress in all areas

  10. Results Overview • Rapid capacity alignment • Short time working has retained skills in the businesses • Productivity gains despite volume reductions generating improved margins over 2nd half of previous year • Better positioned to respond as markets improve • Reduction in overheads • Administration costs down £1,029k (36.4%) including a 29.6% reduction in indirect headcount • Improved operational gearing • Strengthened balance sheet • Net debt reduced by £1,015k to £1,049k • Cash and cash equivalents up 26.3% to £901k

  11. Financial Review

  12. Headlines * Before amortisation and fair value adjustments.

  13. Balance Sheet

  14. Components of cashflowHalf year to September 2009 15 142 (72) (21) 1,015 582 £’m 251 118 Other working capital movements PBIT Capital expenditure Inventory reduction Taxation Net interest paid Depreciation & Amortisation Cashflow

  15. Banking Facilities

  16. Business Review

  17. Energy Segment • Impacted late in the economic downturn • Order levels now increasing • Productivity improvements despite low volumes • Market share gains *excludes amortisation, corporate recharges, swap valuation and restructuring costs

  18. Transportation Segment • Productivity gains despite low demand levels • September sales highest since November 2008 • Factory lay out being developed to accommodate new business wins *excludes amortisation, corporate recharges, swap valuation and restructuring costs

  19. Aerospace Segment • Some market softening • Significant improvement in profitability despite lower sales • Still significant scope for operational improvements *excludes amortisation, corporate recharges, swap valuation and restructuring costs

  20. Utilities Segment • Relationships with existing blue chip customers remain strong • Housing market still weak and activity suppressed with move to AMP 5 • Low overhead base ensures business remains profitable *excludes amortisation, corporate recharges, swap valuation and restructuring costs

  21. Outlook

  22. Outlook • Revenues in Q2 in line with Q1 as markets stabilised • Some evidence that destocking is now close to completion • A modest growth in revenues for second half anticipated • Overall performance in line with expectations

  23. Disclaimer The information contained in this presentation, and upon which this presentation is based, has been produced by Tricorn Group plc (“the Company”). This presentation is confidential and is solely for the use of the directors of the Company in connection with the Company’s interim results for the period ended 30 September 2009. Neither the whole nor any part of the information in this presentation may be disclosed to, or used or relied upon by, any other person or used for any other purpose and, in particular, should not be distributed outside the United Kingdom, without the prior written consent of the Company. The material contained herein may include unpublished price sensitive information, the misuse of which may result in criminal and/or civil proceedings against you. None of the information on which this presentation is based has been independently verified. Accordingly, neither the Company nor any of its connected persons accepts any liability or responsibility for the accuracy or completeness of, nor makes any representation or warranty, express or implied, with respect to, the information on which this presentation is based or that this information remains unchanged after the issue of this presentation. No duty of care or otherwise is owed by the Company or any of its connected persons to any other person in relation to this presentation. This presentation is not intended to provide the basis of any investment decision and should not be considered as a recommendation by the Company or any of its connected persons to any recipient of the presentation in relation to the Company’s interim results for the year ended 30 September 2009. No person has been authorised to give any information not contained in this presentation. Nothing in this presentation is, or should be relied on as, a promise or representation as to the future. Any projection, estimate or statement as to future performance contained in this Presentation contains significant assumptions and subjective judgements by such persons concerning anticipated results and may or may not prove to be correct and there can be no assurance that any predicted results are attainable or will be realised. This Presentation has not been approved by an authorised person for the purposes of the Financial Services and Markets Act 2000 or any other regulatory authority. This presentation may only be communicated in the United Kingdom to: • investment professionals, such persons having professional experience in matters relating to investments of this kind and who fall within Article 19 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the “FPO”); • high net worth companies or high net worth unincorporated associations falling within Article 49 of the FPO; • persons who are already shareholders of the Company within article 43 of the FPO; and • any other person to whom this promotion may lawfully be directed. This document will only be available to the categories of persons in the United Kingdom described above and any other person should seek their own independent legal, investment and tax advice as they see fit. In this notice, “connected persons” means, the holding company of the Company, the shareholders, subsidiaries and subsidiary undertakings of that holding company and their respective directors, officers, employees, advisers and agents of each of them.

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