Trading Update & Disposals

RNS Number : 5929O

TT electronics PLC

01 July 2010

 



TTG.L

TT electronics plc

Trading Update & Disposals

TT electronics plc (the "Group"), the global electronics group supplying leading manufacturers in the defence, aerospace, medical, automotive and industrial electronics markets, is pleased to provide the following trading update.

The improved trading conditions reported in our interim management statement of 12 May 2010 have continued, with sales well ahead of the same period last year across all divisions.  The business continues to benefit from the cost reduction measures implemented over the last eighteen months and results for the first six months of the year are anticipated to be in line with the Board's expectations. 

As previously announced, the sale of our subsidiary Wire Systems Technology (Pty) Ltd was completed on 14 May 2010.  The proceeds from that disposal, together with tight management of cash flow, resulted in a reduction in net debt to £54.6 million at the end of May, as compared with £56.9 million at the start of the year.

The Board is pleased to announce that on 30 June 2010 the Group sold two wholly owned subsidiaries, MMG Magdev Limited and MMG India Private Limited, to Delta Magnets Limited, an Indian publicly listed group. Prior to the disposals both companies were managed within the Group's General Industrial division. The combined consideration of £1.7m was paid in cash and used to reduce the Group's borrowings.

The results for the six months ended 30 June 2010 will be announced on 19 August 2010.

Enquiries:

TT electronics plc Geraint Anderson, Group Chief Executive Shatish Dasani, Group Finance Director	Tel:  [phone]
Biddicks Zoë Biddick	Tel:  [phone]

Notes to Editors:

TT electronics plc is a technology based group, providing components, sensors, integrated manufacturing services and secure power solutions to a broad base of customers worldwide.

For more information visit www.ttelectronics.com

 

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