TT Electronics PLC Trading Statement (9351E)
May 12 2017 - 1:00AM
UK Regulatory
TIDMTTG
RNS Number : 9351E
TT Electronics PLC
12 May 2017
12 May 2017
TT Electronics plc
Trading Update
Ahead of its Annual General Meeting today, TT Electronics ("TT"
or the "Group"), a global provider of engineered electronics for
performance critical applications, publishes this trading update
for the four months to the end of April 2017.
Trading has been in line with our expectations overall. The
Group's revenues are 10% higher than the prior year and 1% higher
on an organic(1) basis.
The Group's order book is strongly ahead of the prior year,
giving us better visibility of the outturn for 2017 and reflecting
a continuation of the momentum from the end of 2016. The
development of our order book demonstrates that our strategy to
position ourselves in structural growth markets where there is
increasing electronic content is delivering results.
During the period, we acquired the assets of Cletronics, Inc., a
small US based manufacturer of electromagnetic components for the
aerospace industry, for $1.2 million on a cash and debt free basis.
The acquisition will help to accelerate the strategy for our power
electronics capabilities in North America.
Summary and Outlook
Commenting on the trading statement, Richard Tyson, Chief
Executive Officer said:
"It has been a good start to the year with continued organic
growth and an improving order book supporting our confidence of
making further progress in 2017. Our strategy to position ourselves
in structural growth markets where there is increasing electronic
content is delivering results."
For further information
please contact:
TT Electronics plc Tel: +44 (0)1932 825 300
Richard Tyson, Chief Executive Officer
Mark Hoad, Chief Financial Officer
Emma Darke, Head of Investor Relations and Communications
MHP Communications Tel: +44 (0)20 3128 8100
Tim Rowntree / Jamie Ricketts / Hannah Winter
Notes:
(1) Excluding the impact of exchange rates, acquisitions
and disposals.
Cautionary statement
This trading update contains forward-looking statements. These
have been made by the directors in good faith based on the
information available to them up to the time of their approval of
this update. The directors can give no assurance that these
expectations will prove to have been correct. Due to the inherent
uncertainties, including both economic and business risk factors
underlying such forward looking information, actual results may
differ materially from those expressed or implied by these
forward-looking statements. The directors undertake no obligation
to update any forward-looking statements whether as a result of new
information, future events or otherwise.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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