TT electronics increase profit

Profit before goodwill amortisation and taxation was £30.1 million (2003: £20.0 million, before exceptional items). Demand for automotive products remained strong and sales to this market grew by 10 per cent. Sales to the telecom and computer market grew by 35 per cent as this market experienced a recovery. Sales from electronics increased 16% to £403.6 million. Electronics showed an operating profit of £26 million before goodwill amortization, (2003: £16.9 million). John Newman, Executive Chairman, said: “These results reflect the continued growth in demand from the automotive market and the sustained recovery of the electronic component market. “Our future strategy lies in both passive and active components and we continue to develop new technologies such as our advanced inductive sensors and high intensity visible light emitting diodes which are attracting significant interest. Our recent expansion into China is an important strategic development enabling us to continue to meet the requirements of our customers, particularly in the automotive industry. “In 2005 we expect demand from North America to remain stable and to see continuing growth in China. With this relatively healthy background we are confident of our ability to achieve future growth.” Read the full report here (PDF)