Last checked at 9 May 2019 07:00
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 organic¹ 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: |
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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 | ||
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MHP | Tel: +44 (0)20 3128 8100 | |
Tim Rowntree / Guy Featherstone | ||
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Notes
¹Excluding 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.