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TT Electronics "really pleased" by strong half-year growth

3rd Aug 2023 10:42

(Alliance News) - TT Electronics PLC on Thursday said it delivered a "great performance" in the latest half year with strong revenue and profit increases, and said it was confident in its full-year and long-term prospects.

The Woking, England-headquartered electric component manufacturer, which caters to the aerospace & defence, healthcare and automation & electrification industries, said pretax profit for the first half of 2023 increased by 38% to GBP20.7 million from GBP15.0 million the previous year.

Revenue increased by 15% to GBP309.1 million from GBP269.2 million, while basic earnings per share increased 33% to 8.8 pence from 6.6p.

"We are really pleased with a great performance by the team to achieve these results, delivering strong organic growth in revenue and profit," said Chief Executive Officer Richard Tyson.

He added that TT's Power & Connectivity division "delivered a much improved first half performance and is firmly on track back to double digit margins," while Global Manufacturing Solutions "is a business fully transformed" and Sensors & Specialist Components "delivered a robust performance against an exceptionally strong comparator."

TT declared an interim dividend of 2.15p per share, up 8% from 2.0p the year before. It said this was because the half-year results and strong order book "strengthens our confidence in our expectations for the full year and the group's future prospects."

The order book, TT said, covers expected revenue and has provided "good visibility" for revenue in 2024. It expects declining pass-through revenue to create headwinds over the next year and a half, but maintained that "on an underlying basis the group is well positioned to deliver growth in 2023 and beyond".

On Thursday in London, TT Electronics shares were up 2.8% at 156.85p each.

By Emma Curzon, Alliance News reporter

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