12th May 2015 07:42
LONDON (Alliance News) - TT Electronics PLC Tuesday reiterated its outlook for 2015, continuing to expect profits to be weighted towards its second half, as it traded in line with expectations in the four months to end-April.
The electronic components company said revenue in the four months were in line with the previous year, excluding acquisitions and disposals and at constant currency, and its order book remains sound.
Its restructuring programme, which it has dubbed 'the Operational Improvement Plan', has continued to progress on schedule. Nine manufacturing lines were transferred from Germany to Romania, and five of those lines also were fully qualified for use. It continues to expect to complete this programme in the first half of 2017.
"We have made an encouraging start to the year despite the anticipated challenging market conditions. The Operational Improvement Plan is progressing well and following the launch of the new strategic plan to return to sustainable, profitable growth, we have started executing on our strategic priorities. Our outlook for 2015 remains unchanged, with profits still expected to be second-half weighted," said Chief Executive Officer Richard Tyson in a statement.
Shares in TT Electronics are trading up 3.0% at 137.00 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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