Tube manipulation firm Tricorn Group has seen plans to grow through acquisition boosted after a focus on clearing debts meant it is now in a net cash position.

Mike Welburn, chief executive of the Malvern-based firm, said the firm was looking for takeover deals to help continue growth, after revealing a 23 per cent revenue rise, to £12.4 million, in the six months to September 30.

Its position has been strengthened after the firm moved into a net cash position of £72,000 across the period, compared to a net debt of £551,000 at this time last year.

The group saw its performance improve across the board in the first half of the year, including its aerospace arm, which had been held back by supply chain constraints last year.

Mr Welburn said: “We want to be in a position to fund things off the balance sheet but it is important that we do what is right for us and at the right time.

“For us there are still some expectations in the marketplace that we think are too high.

“But we see acquisitions in our plan for the future, without doubt.”

Tricorn saw pre-tax profits rise from £449,000 in the first half of last year to £722,000 on the back of growing sales.

The company, which employs around 300 people, is a specialist manipulator of pipe and tubing assemblies to niche markets worldwide in the energy and utilities, transportation and aerospace sectors.