9th May 2019 11:28
LONDON (Alliance News) - Electrical engineer TT Electronics PLC said Thursday that revenue jumped in the first four months of 2019, helped by strong organic growth and the contribution from acquisitions.
For the four months ended April, TT explained revenue was 27% ahead of the year prior on a constant-currency basis helped by "business development" actions and the successful integration of two acquisitions.
In April 2018, TT acquired electronics firm Stadium Group PLC for GBP45.8 million. In June 2018, it bought electromagnetic products maker Precision Inc for up to USD27.5 million.
On an organic basis, revenue rose 10% on the year prior. This continued the momentum experienced in the second half of 2018, TT explained.
"We have seen strong organic growth in both Power and Connectivity and in Global Manufacturing Solutions," TT said in a statement. "As expected, revenues in Sensors and Specialist Components are unchanged compared to the prior year."
The order book at the end of April was also "ahead" of the year prior driven primarily by TT's Global Manufacturing Solutions unit. The firm also secured a "number" of new contract wins with aerospace and defence firms.
"We have seen strong growth in the period, benefiting from both our targeted business development actions and the trend for 'electronics everywhere'," TT Chief Executive Officer Richard Tyson said. "We continue to progress our self-help action plans and to realise synergy benefits from Stadium and Precision."
In late March, TT announced it had acquired US power supply maker Power Partners Inc for up to USD3.0 million.
"The group remains well placed to make further progress in 2019 and beyond," Tyson added.
Shares in TT were 4.0% higher at 248.53 pence on Thursday.
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