Trading Statement

RNS Number : 8525X

TT Electronics PLC

11 May 2016

 

11 May 2016

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 2016.

Current Trading and Strategic Progress

Overall trading has been in line with our expectations, with Group revenue 4% higher than the prior year at constant currency and unchanged on an organic¹ basis. The Group's order book is in line with the prior year, before the additional contribution from Aero Stanrew. Trading results in the year to date have been favourably impacted by exchange rate movements compared to the prior year.

The integration of Aero Stanrew has progressed well, with the majority of the basic integration complete. The focus is now shifting to opportunities to enhance value through collaboration with other TT businesses, and this is showing encouraging signs.

Summary and Outlook

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

"We have made a good start to the year notwithstanding ongoing macro-economic volatility, and are pleased with the progress we have made in executing our strategic priorities. The integration of Aero Stanrew is largely complete and its contribution, together with our self-help actions, mean that we are on track to make progress in 2016. We remain confident in our ability to return the business to sustainable profitable growth in the medium term."

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

 

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