TT Electronics PLC Trading Statement (9039W)
November 20 2017 - 1:00AM
UK Regulatory
TIDMTTG
RNS Number : 9039W
TT Electronics PLC
20 November 2017
20 November 2017
TT Electronics plc
Trading Update
TT Electronics ("TT" or the "Group"), a global provider of
engineered electronics for performance critical applications, today
publishes this trading update for the four months to the end of
October 2017.
Trading for the Group has been positive, with the growth trends
experienced in the first half in Sensors and Specialist Components
and Power Electronics continuing, and with Global Manufacturing
Solutions returning to growth in the period as expected. Group
revenue is up 6% on an organic(1) basis compared to the prior
year.
The Group's order book across all three divisions continues to
be strongly ahead of the prior year. Our order book strength is a
positive indicator for the balance of the year and into the first
quarter of 2018.
During the period we completed the sale of the Transportation
Sensing and Control (TS&C) division, receiving a total cash
consideration of GBP123.5 million, moving the Group into a net cash
position.
As part of the separation, we have announced the closure of our
Global Manufacturing Solutions site in Romania, which was shared
with the TS&C division. We will move the lines to Rogerstone,
Wales and Suzhou, China rather than incur the costs of establishing
a new facility, further simplifying our footprint. The site closure
is anticipated in the first half of 2018.
Summary and Outlook
Commenting on the trading update, Richard Tyson, Chief Executive
Officer said:
"2017 has been a significant year for TT, with the disposal of
the Transportation division completed in October. We will use the
proceeds to make further investments to accelerate our growth
through capital investment and acquisitions.
As well as executing substantial portfolio change, we are
delivering strong growth in the continuing business. We remain on
track to deliver further progress in 2017, in line with
expectations. We are excited about the prospects for TT."
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 Tel: +44 (0)20 3128 8100
Tim Rowntree / Katie Hunt / Ivana Petkova
Notes:
(1) Excluding the impact of exchange rates, acquisitions
and disposals.
About TT Electronics
TT Electronics is a global provider of engineered electronics
for performance critical applications. The Company works with
market-leading customers in the industrial, aerospace and defence,
medical, and transportation sectors. TT has three divisions,
Sensors and Specialist Components, Power Electronics and Global
Manufacturing Solutions.
The product offerings in the Sensors and Specialist Components
division include circuit protection, current sensing, signal
conditioning, optoelectronics, and sensors for torque, position,
pressure, flow and temperature. The Power Electronics division
typically designs and manufactures specialist, high reliability
electronic components and sub-assemblies supplying into power
management, engine controls and connectivity systems. The Global
Manufacturing Solutions division provide high mix low volume
manufacturing solutions for products in a wide range of end
applications ranging from medical devices, to power control modules
used in rail transport infrastructure.
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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