8th Aug 2018 09:20
LONDON (Alliance News) - TI Fluid Systems PLC said Wednesday its interim profit climbed 4.6% although foreign exchange rates provided a headwind in the first half of the year.
Shares in the automotive fluid manufacturer were trading up 6.4% at 266.00 pence each, making it the biggest gainer in the FTSE 250 index.
For the six-month period to June 30, the company's revenue dropped 0.5% to EUR1.76 billion from EUR1.77 billion a year ago. However, on constant currency basis, revenue rose 4.5%.
The company said the reported revenue growth was driven by "a combination of new business awards, volume and mix".
Pretax profit rose to EUR124.0 million from EUR118.5 million reported in the comparative year ago period.
Profit for the half-year stood at EUR76.2 million versus EUR71.2 million a year ago, a 23% increase at constant currency.
The company, which listed on the London Stock Exchange in October 2017, issued an interim dividend of 3.02 cents per share. For full-year 2017, the company paid a final dividend of 1.31 cents.
TI Fluids maintained its outlook for the rest of 2018, expecting further revenue growth - excluding the impact of currency movements.
"We expect consistent adjusted earnings before interest, tax margin and adjusted free cash flow with prior year levels," the company added.
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