Trading Statement

RNS Number : 8352M

TT Electronics PLC

12 May 2015

 

12 May 2015

TT Electronics plc

Trading Update

Ahead of its Annual General Meeting today, TT Electronics ("TT" or the "Group"), a global provider of leading expertise in highly engineered electronic components, publishes this trading update for the four months to the end of April 2015.

Current Trading and Strategic Process

Overall trading was in line with our expectations. Revenues are in line with the prior year on an organic¹ basis and the Group's order book remains sound.

There is, as part of the new strategic plan, an enhanced focus on cash flow within the business and capital expenditure, working capital and cash restructuring costs are being tightly controlled.

The Operational Improvement Plan continues to progress to schedule with the transfer of nine lines from Germany to Romania now completed with five of the lines also fully qualified. We continue to expect the programme to be completed in the first half of 2017.

Board Changes

As announced on 9 April 2015, Sean Watson, the Chairman of TT, will retire following the conclusion of the 2015 Annual General Meeting. He will be succeeded by Neil Carson who will join the Board with effect from the close of the 2015 Annual General Meeting.

Summary and Outlook

Commenting on the trading statement, Richard Tyson, Chief Executive Officer said:

"We have made an encouraging start to the year despite the anticipated challenging market conditions. The Operational Improvement Plan is progressing well and following the launch of the new strategic plan to return to sustainable, profitable growth, we have started executing on our strategic priorities. Our outlook for 2015 remains unchanged, with profits still expected to be second-half weighted."

For further information please contact:
TT Electronics plc	Tel:  [phone]
Richard Tyson, Chief Executive Officer Mark Hoad, Chief Financial Officer
MHP	Tel:  [phone]
John Olsen / Tim Rowntree / Jamie Ricketts
Notes:  (1) Excluding the impact of exchange rates, acquisitions and disposals

 

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