TT Electronics with revenue increase for H1/08

This half year's results are a good performance given the generally weaker economic climate. This has been particularly severe in the North American automotive market exacerbated by industrial action at a parts supplier which reduced vehicle production. In line with the earlier stated plans, the company has further rationalised the manufacture of electronic systems for climate control products. The group is continuing to transfer manufacturing from high cost economies to our factories in China, Malaysia and India. On 21 August 2008, the group announced that it had acquired assets comprising the majority of the business of Semelab (evertiq reported). The acquired business designs and produces specialised radio frequency and power semiconductors, optoelectronic components and power microcircuits and modules, primarily for the UK and European markets. At the beginning of this month, a new management team joined the Board of TT electronics which is expected to "bring a fresh approach and new ideas to the strategy of the group". Geraint Anderson is the new Group Chief Executive. He has spent the last nine years with Cisco Systems. Shatish Dasani has joined as the new Group Finance Director from De La Rue. This follows the retirement of Roderick Weaver, who had held the position for 12 years. TT electronics will maintain its policy of tight financial control and build on the strength of its global companies, with renewed anticipation of success. In September, David Crowe will retire as a Director of TT electronics. He has been involved in the business for 20 years, initially as the group's Legal Counsel. He joined the Board as an executive Director in 1992 and since 2000 he has continued as a non-executive Director.