11th May 2016 08:03
LONDON (Alliance News) - TT Electronics PLC on Wednesday said it has traded in line with expectations since the start of 2016, with its integration of electromagnetic components and electronic systems producer Aero Stanrew Group Ltd now largely complete.
The engineered electronics provider said revenue for the four months to the end of April came in 4.0% higher than the previous year at constant currency, although on an organic basis, which excludes the impact of exchange rates, acquisitions and disposals, revenue was unchanged.
TT Electronics said its order book is in line with prior year, before the additional contribution from Aero Stanrew which it purchased in December.
Trading results have been boosted by exchange rate movements, TT Electronics added.
The company noted that the majority of its basic integration of the Aero Stanrew group was complete, and said the focus is now shifting to opportunities to enhance value through a collaboration between its acquisition and other established businesses.
"We have made a good start to the year notwithstanding ongoing macro-economic volatility, and are pleased with the progress we have made in executing our strategic priorities," said Chief Executive Richard Tyson.
"The integration of Aero Stanrew is largely complete and its contribution, together with our self-help actions, mean that we are on track to make progress in 2016. We remain confident in our ability to return the business to sustainable profitable growth in the medium term," Tyson added.
Shares in TT Electronics were up 1.8% at 141.44 pence on Wednesday.
By Hannah Boland; [email protected]; @Hannaheboland
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