TT Electronics PLC AGM Trading Update (4282Y)
May 09 2019 - 1:00AM
UK Regulatory
TIDMTTG
RNS Number : 4282Y
TT Electronics PLC
09 May 2019
9 May 2019
TT Electronics plc
AGM Trading Update
Strong start to the year
TT Electronics (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 2019, ahead
of the AGM taking place later today.
We have had a strong start to the year with Group revenue 27%
ahead of last year on a constant currency basis, reflecting both
our targeted business development actions and the successful
integration of Stadium and Precision. On an organic(1) basis, Group
revenue increased 10%, continuing the momentum from the second half
of 2018. We have seen strong organic growth in both Power and
Connectivity and in Global Manufacturing Solutions. As expected,
revenues in Sensors and Specialist Components are unchanged
compared to the prior year.
The Group's order book remains ahead of the prior year, driven
primarily by Global Manufacturing Solutions, and more than
mitigating softer order intake in Sensors and Specialist
Components. We have secured a number of new contract wins with both
aerospace and defence and medical customers.
On 26 March, we acquired Power Partners Inc, a small US power
supply provider, which will enhance our technology capabilities in
power products and improve our medical market access. The
consideration was $1.75m on a cash free debt free basis, with an
additional performance-based amount of up to $1.25m payable over
two years.
Commenting Richard Tyson, Chief Executive Officer said:
"We have seen strong growth in the period, benefitting from both
our targeted business development actions and the trend for
'electronics everywhere'. We continue to progress our self-help
action plans and to realise synergy benefits from Stadium and
Precision.
The Group remains well placed to make further progress in 2019
and beyond."
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 / Guy Featherstone
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 operates in industries where there are structural
growth drivers, working with market-leading customers in
industrial, medical, aerospace and defence, and transportation
sectors. Products designed and manufactured include sensors, power
management devices and connectivity solutions. TT has design and
manufacturing facilities in the UK, US, Sweden and Asia.
The company has three divisions. The Sensors and Specialist
Components division works with customers to develop standard and
customised solutions including sensors and power management
devices. Our solutions improve the precision, speed and reliability
of critical aspects of our customers' applications. The Power and
Connectivity division designs and manufactures power application
products and connectivity devices which enable the capture and
wireless transfer of data. We collaborate with our customers to
develop innovative solutions to optimise their electronic systems.
The Global Manufacturing Solutions division provides manufacturing
services and engineering solutions for our product divisions and to
customers that often require a lower volume and higher mix of
different products. We manufacture complex integrated product
assemblies for our customers and provide engineering services
including designing testing solutions and value-engineering.
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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