8th Mar 2023 13:25
(Alliance News) - TT Electronics PLC said on Wednesday its revenue had gone up despite experiencing a loss in 2022.
The Surrey, England-based electronics provider said its revenue had gone up by 22% to GBP6.2 billion in 2022, from GBP4.8 billion in 2021.
It turned to a pretax loss of GBP10.1 million from a profit of GBP16.0 million in 2021. TT Electronics said this is attributed to an increase in discount rates and the impact of the pandemic on the potential demand for Covid testing.
TT electronics manufactures electronic components and provides manufacturing services globally.
The company proposed a final dividend of 4.3 pence per share, 13% higher than 3.8p a year ago. This brings the total dividend to 6.3p, up 13% from 5.6p. It said this reflected strong performance and positive outlook.
Looking ahead, Chief Executive Officer Richard Tyson said: "While we are mindful of the wider macro environment, we enter 2023 with good momentum underpinned by a strong order book. This unprecedented visibility, coupled with further benefits of our self-help programme, mean we are confident in our ability to deliver further progress in 2023."
The firm added it is confident in the further progress of the 2023 share price. TT Electronics said it will continue its order momentum, resulting in 90% of planned 2023 revenue covered at the end of December, and will continue the growth of the business and actions taken in 2022.
Shares in the company were up 2.9% at 204.00 pence in London on Wednesday afternoon.
By Sabrina Penty; Alliance News reporter
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