Last checked at 12 May 2017 07:00
12 May 2017
TT Electronics plc
Trading Update
Ahead of its Annual General Meeting today, TT Electronics ("TT" or 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 2017.
Trading has been in line with our expectations overall. The Group's revenues are 10% higher than the prior year and 1% higher on an organic1 basis.
The Group's order book is strongly ahead of the prior year, giving us better visibility of the outturn for 2017 and reflecting a continuation of the momentum from the end of 2016. The development of our order book demonstrates that our strategy to position ourselves in structural growth markets where there is increasing electronic content is delivering results.
During the period, we acquired the assets of Cletronics, Inc., a small US based manufacturer of electromagnetic components for the aerospace industry, for $1.2 million on a cash and debt free basis. The acquisition will help to accelerate the strategy for our power electronics capabilities in North America.
Summary and Outlook
Commenting on the trading statement, Richard Tyson, Chief Executive Officer said:
"It has been a good start to the year with continued organic growth and an improving order book supporting our confidence of making further progress in 2017. Our strategy to position ourselves in structural growth markets where there is increasing electronic content is delivering results."
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 Communications | Tel: +44 (0)20 3128 8100 |
Tim Rowntree / Jamie Ricketts / Hannah Winter | |
Notes:
1 Excluding the impact of exchange rates, acquisitions and disposals. | |
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.