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Interim Results

TT Electronics organic revenue up 5%

11 August 2017 08:07

Engineered electronic provider TT Electronics grew its revenue increased by 13% to £180 million in the first half, an increase of 6% excluding the effects of foreign exchange.

On an organic basis, revenue increased by 5% driven by positive market dynamics and share gains in the Sensors and Specialised Components division and strong market demand in Power Electronics.

Revenue in Global Manufacturing Solutions declined by 2% organically, but returned to growth in the second quarter supported by contract wins in the US.

Underlying operating profit increased by 31% to £10.9 million with the improvement largely driven by Sensors and Specialist Components and Power Electronics.

Underlying operating profit increased by 11% at constant currency.

There was a £1.5 million foreign exchange benefit.

Cash conversion from continuing operations was 128% compared with 63% the year before.

The working capital movement for the continuing operations improved to a £2.0 million inflow from a £5.6 million outflow, with the adverse impact of revenue growth on debtors and inventory more than offset by the timing of creditor payments.

Richard Tyson, chief executive officer, said:

"We have been delighted with the performance of the business in the first half. We have reported strong organic revenue growth, an improved operating margin with excellent profit growth and cash conversion.

"Most notably, we have taken an important step for TT with the proposed sale of the Transportation division. The disposal will make TT a higher margin, higher quality business, with significantly improved financial capacity. We will deploy our increased investment capacity to drive growth and value creation for the new TT.

"Our first half performance and order momentum reinforce our confidence of making further progress in 2017."

At 8:07am: (LON:TTG) TT Electronics PLC share price was +4.5p at 220.25p

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