Electronics Production | August 24, 2012
TT Electronics' profits fall
TT Electronics' profits feel in the six months ended 30 June 2012.
Revenues were 271.2 million GBP, down 10.6 million GBP YoY. Profits of 12.5 million GBP were lower than the 20.8 million GBP in the same period last year. Despite the fall in profit the company said it was resilient in the face of the difficult economic environment. "Overall we are pleased with the resilience of the business in the current economic conditions. We have continued to make progress reducing our cost base with key projects delivered ahead of plan, and additional programmes now underway,” said Geraint Anderson, Group Chief Executive. "These activities, together with an improving product mix, will deliver further margin growth in a more challenging market environment in the second half. Our global strength has positioned us well with both emerging key accounts and traditional customers, and we have won several major new contracts."