TT Electronics Boosts Payout On Strong 2017 Revenue And Profit Growth

8th Mar 2018 10:27

LONDON (Alliance News) - TT Electronics PLC boosted its dividend Thursday after reporting strong profit and revenue growth in 2017 and a good order book for 2018.

In 2017, pretax profit expanded 24% to GBP17.7 million from GBP14.3 million the year prior. This was after revenue grew 8.2% to GBP360.0 million from GBP332.7 million the year before.

TT proposed a 4.05 pence final dividend, up 3.9% from 3.90. For the full year, the dividend is up 3.6% to 5.8p per share from 5.6p the year before.

TT swung into a net cash position of GBP47.0 million from a net debt position of GBP55.4 million the year before. This was after it sold its Transportation Sensing & Control unit for GBP123.2 million in October 2017.

In February, TT agreed to buy AIM-listed electronics firm Stadium Group PLC for GBP45.8 million bid.

"2017 was a pivotal year for TT," Chief Executive Officer Richard Tyson said. "We are delighted with both the strong trading performance and the disposal of the Transportation division. TT is becoming a higher margin, higher quality business with increased investment capacity to accelerate growth."

"We enter 2018 benefitting from the increasing proliferation of electronics in our markets," Tyson added. "We are focusing our resources where we have strong and differentiated capabilities and are again increasing our investment in R&D and business development to maximise this opportunity. Momentum in our operational performance and our improved order book give us confidence, despite current foreign exchange headwinds, of making strong progress in 2018."

Shares in TT were 2.3% higher at 220.00 pence on Thursday.

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