TT electronics PLC
29 June 2007
TT electronics plc
Pre Close Trading Update
TT electronics plc announces that, in line with its stated policy of
rationalising non-core activities, it has conducted a review of its AEI Cables
Limited operation at Birtley in the North of England and has decided to exit
from this currently loss-making business. Negotiations to sell the entire cables
business are currently underway. In its 2006 audited accounts AEI Cables Limited
reported revenues of £61.6 million and profit before tax and exceptional items
of £0.08 million with net assets of £32.8 million. The sale of the business can
be expected to be at a material discount to its net asset value and figures
attributable to the business will be reported as a discontinued operation in the
forthcoming interim results.
TT electronics reported at its May AGM that its main markets were performing at
levels similar to last year. This remains the case and it is anticipated that
the interim results of continuing operations will be in line with market
expectations. These results will be announced on 10 September 2007.
For further information please contact:
TT electronics plc
Neil Rodgers, Chief Executive: Tel: 01932 841 310
Biddicks
Zoe Biddick: Tel: 020 7448 1000
This information is provided by RNS
The company news service from the London Stock Exchange
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