9th May 2014 11:08
LONDON (Alliance News) - TT Electronics PLC Friday said it has seen a positive start to its new financial year, with good order and sales momentum in the first four months of the year.
The electronics company said that given the good order momentum so far this year, it is confident in its full-year outlook.
"Implementation of the operational improvement plan will strengthen the group's competitive position over the medium term, providing a strong foundation for organic growth and margin improvement," the company said in a statement.
TT Electronics said that sales in the four months to April 30, were in line with expectations, and up 3% on a constant currency basis. However it said that on a reported basis, sales at actual exchange rates were flat. It said that order bookings were also in line with the sales performance.
The group has been progressing with its operational plans, including moving manufacturing lines from its Fullerton facility in the US to Mexico, and the proposed transfer of manufacturing from Werne in Germany to Romania to cut costs.
TT Electronics said that within its Sensing and Control business, over the next few months it will launch its new range of intelligent optical sensors.
It said its Resistors business is on track to launch a new series of thin-chip resistors following an investment programme made over the last year, while its Integrated Manufacturing Services business continues to win new business, having recently secured a contract with the Shanghai Avionics Corporation to provide manufacturing services in support of its avionics system.
TT Electronics shares were trading 0.5% higher Friday morning at 215.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Tt Electronics