TT electronics sales up 24% in 2010

Full-year sales from continuing operations were up by around 24% at constant exchange rates, the company states in a pre-close update based on results for the 11 months plus preliminary sales and cash balances for December. Trading conditions had improved significantly compared with the previous year. Strong underlying cash generation, continued progress in managing working capital and proceeds of GBP 22m from the disposal of six General Industrial businesses during the year led to a reduction in net debt from GBP 56.9m at the start of the year to below GBP 10m at 31 December 2010. 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.