Product category:
Resistors
News Release from: TT Electronics-ims
Edited by the Electronicstalk Editorial
Team on 01 April 2004
Strong second half showing for TT
Electronics
TT Electronics has published its preliminary results for the year to 31st December 2003.
TT Electronics has published its preliminary results for the year to 31st December 2003 Highlights included group turnover on continuing activities of GBP 527.5 million (2002: GBP 512.5 million); and profit before goodwill amortisation, exceptional items and taxation was GBP 20.0 million (2002: GBP 19.2 million)
This article was originally published on Electronicstalk on 11 Jul 2008 at 8.00am (UK)
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An uplift in the second half saw operating profit before goodwill amortisation increase by 19% from GBP 10.1 million in the first half to GBP 12.0 million (H2 2002: GBP 9.3 million).
Sales to the automotive market grew by 12%, which was ahead of the average market growth.
The group has received over GBP 350 million new automotive orders spread over the lives of the product lines.
The acquisition of Optek Technology for GBP 30.3 million significantly expanded the company's sensor activities and will contribute to group profitability in 2004.
The company's magnetic businesses have now been reorganised with exceptional costs of GBP 3.7 million and goodwill of GBP 10.1 million recycled through the profit and loss account.
The board is recommending a maintained final dividend of 6.36p per share bringing the total for the year to 10.05p (2002: 10.05p).
John Newman, Executive Chairman said: "These results reflect both our continuing success within the automotive market and improved trading conditions".
"It is particularly pleasing to report a 12% growth in sales to the automotive market".
"We have for some years recognised the potential of this market".
"The range of products and technologies we have developed is such that we estimate that over 60% of all cars produced in Europe and North America incorporate at least one of our products".
"We continue to work with our customers to develop new electronic solutions which improve vehicle fuel efficiency, safety and comfort".
"In recent months we have experienced an improvement in order intake which we believe will be maintained and as a result now look forward with confidence to better trading conditions in the current year".
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