News Release from: TT Electronics
Edited by the Electronicstalk Editorial Team on 17 September 2004
Encouraging first half for TT
TT Electronics has reported interim results for the six months ended 30th June 2004.
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TT Electronics has reported interim results for the six months ended 30th June 2004. Highlights include turnover up by 11%, operating profit up by 47%, profit before tax up by 52% and earnings per share up by 41% (all compared with the same period in 2003). John Newman, Executive Chairman said: "This encouraging performance reflects the continuing strength of our automotive business, our drive for additional sales to the industrial market and the recovery of the worldwide telecom market".
"We have emerged, lean and efficient, from a three year period of difficult trading conditions during which we continued to generate cash and maintained the dividend".
"During this half year we invested further in advanced technologies to ensure that TT Electronics remains a leading supplier in its global markets".
"The increased order intake to which I referred in my last statement has been maintained and we confidently expect profits in our second half to improve over the comparable period last year".
"The growth in turnover has principally come from the electronic sector where sales have increased from GBP 180.0 million to GBP 207.4 million".
"The sector has benefited from the inclusion of last year's acquisitions of Optek Technology and the business of Demo Tableaux de Commande and has been affected by devaluation of the US dollar against sterling".
"The improvement in electronic sales has come from the continuing increased demand for electronic components in the automotive industry and an uplift in demand for our resistors, sensors and other electronic components, particularly from the telecom and computer and industrial markets".
"This increase in sales has been satisfied by better utilisation of our production facilities which, together with the benefit of last year's acquisitions, has resulted in the electronic sector profits increasing from GBP 8.3 million to GBP 12.3 million".
"Electrical sector turnover shows an increase from GBP 90.4 million to GBP 91.7 million and profitability has improved from GBP 2.1 million to GBP 3.0 million".
"This sector's turnover has increased due to the higher cost of raw materials, primarily copper, offset to a certain extent by the reduction in sales of generator sets as the result of the closure last year of the UK manufacturing facility".
"As reported in my last Chairman's statement TT Electronics acquired, on 11th March 2004, Sensopad Technologies for a consideration of GBP 1.4 million together with the payment of future royalties".
"This acquisition provides the group with inductive technology which is being designed into the next generation of automotive sensors and will be used in other sensor products manufactured by the group".
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