29th Jun 2007 07:01
TT electronics PLC29 June 2007 TT electronics plc Pre Close Trading Update TT electronics plc announces that, in line with its stated policy ofrationalising non-core activities, it has conducted a review of its AEI CablesLimited operation at Birtley in the North of England and has decided to exitfrom this currently loss-making business. Negotiations to sell the entire cablesbusiness are currently underway. In its 2006 audited accounts AEI Cables Limitedreported revenues of £61.6 million and profit before tax and exceptional itemsof £0.08 million with net assets of £32.8 million. The sale of the business canbe expected to be at a material discount to its net asset value and figuresattributable to the business will be reported as a discontinued operation in theforthcoming interim results. TT electronics reported at its May AGM that its main markets were performing atlevels similar to last year. This remains the case and it is anticipated thatthe interim results of continuing operations will be in line with marketexpectations. These results will be announced on 10 September 2007. For further information please contact: TT electronics plcNeil Rodgers, Chief Executive: Tel: 01932 841 310 BiddicksZoe Biddick: Tel: 020 7448 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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