Strong performance from TTPCom

Edited by the Electronicstalk editorial team Oct 18, 2002

TTP Communications has revealed its interim results for the six months ended 30th September 2002.

TTP Communications has revealed its interim results for the six months ended 30th September 2002.

Financial highlights include: group revenues up 23% to GBP 22.7 million (2001: GBP 18.4 million); pre-tax profits up 22% to GBP 3.0 million (2001: GBP 2.5 million); earnings per share up 42% to 1.003p (2001: 0.706p); operating profits at TTPCom up 15% to GBP 4.9 million (2001: GBP 4.3 million); investment in ip.access continues with reduced operating losses at GBP 2.2 million, down 13% on second half last year (pre UITF 17 charge); and R and D investment, including ip.access, increased by 11% to GBP 10.1 million (2001: GBP 9.1 million).

Commenting on the results, Dr Tony Milbourn, Managing Director said: "We are particularly pleased with the results announced today with earnings per share increasing by 42% as they demonstrate resilience in tough market conditions and the continued leadership of our technology.

While we expect continued difficult market conditions, these offer opportunities for our business.

Major handset manufacturers are increasingly looking to outsource aspects of their technology and we are rapidly growing our business in the expanding Far Eastern markets.

We remain cautiously optimistic that we can meet market expectations for the current year and confident that the business is well positioned to capitalise on its long-term prospects".