Newly-Listed TI Fluid Systems Revenue And Profit Rise In 2017

20th Mar 2018 09:41

LONDON (Alliance News) - Fluid storage product firm TI Fluid Systems PLC reported on Tuesday a growth in revenue of 5.4% year over year at constant currency in 2017 thanks to a growth reported in all markets except North America.

TI Fluid Systems pretax profit widened to EUR158.0 million from EUR132.8 million in 2016. This is after revenue increased to EUR3.49 billion from EUR3.35 billion in 2016.

Global light vehicle production has a significant influence on company's financial performance. In 2017, global light vehicle production volume increased in all markets except North America and reached 95.1 million vehicles, representing an increase of 2.1% compared to the same period the prior year, the company explained.

Directors have recommended a final dividend of 1.31 euro cents per share.

For 2018, excluding the impact of currency movements, company expects continued revenue growth in excess of global light vehicle production volume growth with adjusted Ebit margin and adjusted free cash flow consistent with prior year levels. TI also plans to reduce net leverage through earnings growth and cash flow generation and to maintain a consistent dividend policy.

"As promised during the IPO, our dedicated team has continued to strengthen our global position by driving new technologies and products and enhancing our outstanding relationships with customers throughout the world."

TI Fluid listed in October 2017 at 255 pence per share, giving it a market capitalisation at the time of GBP1.33 billion.

"The group remains well placed to capitalise on the automotive megatrends of reduced emissions and improved fuel economy, and we believe that the expected growth of hybrid electric vehicles, electric vehicles and autonomous vehicles will be positive for the group," said TI Fluid Systems Chief Executive Officer & President William Kozyra.

Shares in TI Fluid were flat at 250.00 pence on Tuesday.

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