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(Alliance News) - TT Electronics PLC on Thursday reasserted its annual guidance after posting half-year earnings up by one quarter.
The engineered electronics firm said it was confident in both its medium-term outlook and a further modest increase in full year profit, with 2021 expected revenue already fully covered.
Pretax profit for the half-year to June was up 25% to GBP14.1 million from GBP11.3 million a year previously. The improvement in earnings was attributed to revenue growth and to its Covina and Torotel businesses, acquired in 2020, which both contributed strongly.
Shares in TT were up 5.2% at 281.50 pence in London on Thursday.
Revenue for the period rose 12% to GBP235.6 million, boosted by significant new customer wins. TT's order book was in a record position in the first half, already fully covering expected revenue for 2021.
Chief Executive Richard Tyson said: "With 2021 expected revenues already fully covered by orders, continuing demand momentum and the benefits of our successful self-help programme being realised we are confident of delivering a further improvement in full year 2021 results and have increased visibility in our path to double digit margins."
In its Healthcare business, TT said it was seeing strong growth in the order pipeline for non-Covid-19 related treatments as hospitals begin to return to normal working patterns.
In Aerospace and Defence, TT has started to see a stabilisation of the commercial aerospace market following pandemic related disruption. However though confidence is slowly improving, TT expects it will be some time before a meaningful return to growth.
TT will reinstate its interim dividend, with a payout of 1.8p per share declared on Thursday.
By Will Paige; willpaige@alliancenews.com
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