TT Group PLC
10 July 2000
TT GROUP PLC
Trading Update
During 1999 TT Group was adversely affected by the
weakness of the Euro against Sterling. Over the last
eighteen months corrective action has been taken. The
workforce was reduced by 9 per cent. and the Group is now
focused on its electronic and electrical businesses.
Consequently trading in the first half of the year has
improved. A number of new contracts have been won and the
TT Group has strengthened its position as a supplier to
the telecom and computer markets. The acquisition of BI
Technologies in January has enhanced the Group's position
as a leading manufacturer of specialist resistors and
sensors with the further benefit of low cost
manufacturing in Mexico and Malaysia.
The disposal programme announced in March is going
according to plan and the Group is confident of
announcing a number of disposals later in the year.
John Newman, Chairman, TT Group PLC, commented:
' Whilst the adverse impact of the weak Euro against
Sterling has not totally evaporated, the corrective
action we have taken to reduce operating costs, improve
manufacturing efficiency and refocus is already paying
off. I am delighted that we are seeing an improvement in
trading in line with market expectations and that our
disposal programme is going according to plan.'
Enquiries:
TT Group PLC Tel: 01932 856647
John W Newman, Executive Chairman
College Hill Tel: 0207 457 2020
James Henderson
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