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Electronics Production | August 25, 2011

Revenue up 12% for TT electronics in 1H/2011

TT electronics reported 1H/2011 revenue from continuing operations increased by 12.2%t to GBP 294.6 million (2010: GBP 262.5 million).
Geraint Anderson, Group Chief Executive, said:

"The first half performance demonstrates the progress we have made with our 'self help' programme to increase revenues in target markets and improve the productivity and efficiency of our manufacturing. We have embarked on the next phase of our operational excellence programme to align our manufacturing footprint more closely with our key customers and increase profitability."

"We remain focused on strengthening our relationships with our key customers, developing our product portfolio, broadening our presence in target growth markets and emerging regions and investing in our people. We are seeing increasing opportunities to deliver further growth and improve margins, providing confidence in the outlook for the current year and beyond. We are on course to achieve our target Group operating margin of 8 per cent by the end of 2013."

© TT electronics


Outlook

Overall the Group experienced strong trading during the first half of the year which has continued into the second half. The company continues to monitor leading indicators against the backdrop of the ongoing uncertainty in global markets. However, to-date, TT electronics have not seen a material change in end-market demand, beyond normal seasonal effects.

The Components division is benefiting from its focus on market segments where it can deliver added value and on key account management, with further margin growth achieved by improving efficiencies. The Sensors division, which delivered an exceptionally good first half with significant margin growth, is expected to continue to benefit from the strong demand seen in the global automotive markets.

TT electronics anticipates that customer demand in the IMS division will remain reasonably buoyant with further new projects coming into production and component lead times reducing. Although demand in Mexico and South America is difficult to predict, the company expects the Secure Power division to deliver a better performance in the second half of the year as it benefits from a stronger order book and increasing project enquiries.

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