18th Aug 2020 09:15
(Alliance News) -Â TI Fluid Systems PLC on Tuesday reported a swing to an interim loss but noted that it still outperformed the light vehicle market that it serves.
Revenue for the six months to June 30 was EUR1.18 billion, down 31% from EUR1.71 billion a year ago. While revenue fell, TI Fluid Systems noted that it still outperformed global light vehicle production by 2.5%.
TI Fluid Systems makes products that store and move fluids such as fuel and brake fluid around automobiles.
As well as the lower revenue, the company's interim outturn was hit by an impairment of EUR304.6 million following a review of future trading volumes in light of "the prolonged recovery of light vehicle production".
As a result, TI Fluid Systems posted a pretax loss of EUR352.7 million for the half, swinging from profit of EUR93.4 million in the year-ago period.
Looking out, the firm said the global economic environment remains "highly uncertain" and the ongoing impacts of Covid-19 unknown. As such, the firm did not provide full-year guidance.
"Our ability to maintain our strong revenue outperformance and financial performance with solid margins and excellent positive cash flow in the face of the depressed prevailing market conditions demonstrates the group's consistent resilience and the strength of our strategy, business model and experienced management team and focus," the company said.
Shares in TI Fluid Systems were up 1.6% at 179.00 pence in London early Tuesday.
By Lucy Heming;Â [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
TI Fluid Systems