Pre-close Trading Update

RNS Number : 4584Z

TT electronics PLC

14 January 2011

 



TTG

TT electronics plc

Pre-close Trading Update

TT electronics plc, a world leader in sensor and electronic component technology, makes the following statement on trading prior to entering its close period.  It is based on the results for the eleven months to 30 November 2010 and preliminary sales and cash balances for December.  The Group will announce its final results for the year ended 31 December 2010 on 17 March 2011.

As noted in the Interim Management Statement issued on 28 October 2010, trading conditions improved significantly in 2010 compared with the prior year.  Trading in the last quarter of 2010 was in line with the Board's expectations and sales for the full year from continuing operations were approximately 24% ahead of 2009 at constant exchange rates.

Strong underlying cash generation, continued progress in managing working capital and proceeds of £22m from the disposal of six General Industrial businesses during the year led to a reduction in net debt from £56.9m at the start of the year to below £10m at 31 December 2010.

The Group continues to make good progress in executing its strategy, with emphasis on the delivery of operational excellence in the areas of customer focus, product innovation and manufacturing efficiency.

The business traded well with consistently higher volumes during 2010 and has entered the new financial year with a good order book giving visibility into the second quarter.  The Board is confident that the execution of strategy is creating sustainable growth and improving margins.

Enquiries:

TT electronics plc                                                                  Tel:  [phone]

Geraint Anderson, Group Chief Executive

Shatish Dasani, Group Finance Director

Biddicks                                                                                 Tel:  [phone]

Zoë Biddick

Note:

This statement contains certain forward-looking statements.  Such statements are made by the Directors in good faith based on the information available to them at the time of the announcement and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.

 

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