28th Jan 2019 08:18
LONDON (Alliance News) - Automotive fluid firm TI Fluid Systems PLC on Monday said Chief Financial Officer Timothy Knutson will be leaving the company.
Knutson will stay in his role until a replacement is found, which is expected to be done by the end of 2019.
TI Fluid is looking at both internal and external candidates to step into the role.
Chief Executive William Kozyra said: "The group is grateful to Tim for his many significant contributions over the past decade working with the team and our key stakeholders. During this time, the group achieved record financial performance and successfully completed a variety of critical transactions, including listing on the London Stock Exchange in 2017.
"As a result, the group is in a very strong financial and competitive position. I extend my thanks to Tim for all of his support over the past years as well as his commitment to work closely with the group as we transition to his successor."
On the trading front, TI Fluid guided on Monday for revenue to be broadly flat year-on-year at EUR3.5 billion for 2018. In 2017, revenue was EUR3.49 billion.
On a constant currency basis, revenue growth should exceed growth in global light vehicle production by around 3%, the company said.
TI Fluid's adjusted earnings before interest and tax margin is set to be "broadly" in line year-on-year at 11%.
These results are in line with expectations as stated in November, and TI Fluid said it remains confident it can keep outperforming the light vehicle market.
The outlook for 2019 will be provided when TI Fluid releases results for 2018 on March 20. Shares were 1.9% higher on Monday at a price of 164.00 pence each.
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