17th Jan 2006 14:24
TT electronics PLC17 January 2006 Trading Update It is anticipated that the group's trading profit from continuing operations forthe year ended 31 December 2005 will be in line with market expectations. Thegroup has achieved very strong cash generation and the Board's intention is topropose that the final dividend is maintained at last year's level. 2005 was a year of consolidation for TT electronics. Decisive action was takento eliminate the loss-making businesses at AEI Power Cables Division atGravesend, AB Automotive (France) and Prestwick Circuits. These actions willhave a beneficial impact on future performance. The land which became surplus atGravesend was successfully sold. The initial payment was brought into ourinterim results and the additional proceeds, which are expected to besignificant, will probably be received and accounted for as profit in 2007. The group continues the migration of manufacturing to lower labour costcountries where appropriate and the group's new facility in China, acquired inMarch 2005, provides a good base from which to expand. TT electronics has established a strong global position across a range of marketsectors. The group continues to develop new leading edge products to meet itscustomers' needs, such as the successful Autopad sensor technology. For further information please contact: TT electronics plc Tel: 01932 856 647John Newman, Executive ChairmanBiddicks Tel: 020 7448 1000Zoe Biddick This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Tt Electronics