Interim Management Statement

RNS Number : 6573G

TT electronics PLC

09 May 2014

 



9 May 2014                                                                                                                                                     

TT Electronics plc

Interim Management Statement

TT Electronics plc ("TT" or the "Group"), an innovative global electronics company supplying world leading manufacturers, issues this Interim Management Statement based on the trading results for the four months ended 30 April 2014.

Sales in the first four months of 2014 were in line with expectations and ahead of prior year by 3.0% on a constant currency basis. Reported sales at actual exchange rates were similar to last year.  The positive trading noted in the last quarter of 2013 has continued and all businesses have performed well.  Order bookings were in line with the sales performance.

Implementation of the Operational Improvement Plan within the Sensing and Control business is progressing, with line moves taking place from our Fullerton, USA facility into Mexico and consultation initiated on the proposed transfer of manufacturing from Werne, Germany to Romania and other better cost facilities. We continue to manage carefully the implementation of this complex Plan in order to maintain supply to our customers. The consolidation of sales offices in certain territories to further enhance our sales focus is on course to be completed during the second quarter.

New product innovation is a focus of our Sensing and Control business, and we are launching our new range of intelligent optical sensors using the Complementary-Metal-Oxide-Semiconductor (CMOS) technology over the next few months.  The Resistors business is on track to launch a new series of thin chip resistors following an investment programme made over the last twelve months.  The Integrated Manufacturing Services (IMS) business continues to win new business, and has recently secured a contract with the Shanghai Avionics Corporation to provide manufacturing services in support of its avionics system.

The positive start to 2014, coupled with good order momentum in the first four months of the year, provide confidence for the current year.  Implementation of the Operational Improvement Plan will strengthen the Group's competitive position over the medium term, providing a strong foundation for organic growth and margin improvement. 

Enquiries:

TT Electronics plc Geraint Anderson, Group Chief Executive Shatish Dasani, Group Finance Director	Tel:  [phone]
Hudson Sandler Andrew Hayes/Wendy Baker/Katie Matthews	Tel:  [phone]

Note:

This statement contains certain forward-looking statements.  Such statements are made by the Directors in good faith based on the information available to them at the time of the announcement and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.

 

END

 

 

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