TT Electronics revenue up 12% in year to date

Tue, 19th Nov 2019

Engineered electronics group TT Electronics said it had grown its revenue in the year to date, partly thanks to strength at its power and connectivity business offsetting weakness at the sensors unit. The company said that revenue on a constant currency basis through to the end of October had risen 12%. On an organic basis, revenue was up 5%. Organic growth continued to be driven by power and connectivity and global manufacturing solutions, whilst revenue in sensors and specialist components had continued a weaker trend experienced in the second quarter. That weaker trend was expected to continue into 2020. TT Electronics said its order book was ahead of the prior year,with good visibility from significant customer wins for recurring multi-million pound revenues, primarily in aerospace and defence and medical markets. The company said it had extended actions to optimise its cost base, in light of the continued trends affecting sensors and specialist components in particular. As a result, 2019 cash restructuring costs would increase by about £2m. 'We continue to deliver good revenue growth and expect to make further progress in 2019 and beyond, despite a challenging macroeconomic backdrop,' chief executive Richard Tyson said. At 9:19am: (LON:TTG) TT Electronics PLC share price was -7p at 238p Story provided by StockMarketWire.com

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