AGM Statement and IMS
TTG.L
TT electronics plc
AGM and Interim Management Statement
TT electronics plc, a world leader in sensor and component technology, will hold its Annual General Meeting today, where the following comments will be made on current trading, the financial position and the outlook for the financial year. This statement, constituting TT electronics' first Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules, covers the period from 1 January 2008 to the date of this announcement.
At the AGM, John Newman, Executive Chairman of TT electronics plc, will comment:
'Current Trading
Overall conditions in TT electronics' markets as a whole are similar to 2007, except that business in the North American market is slower. The US automotive sector is also being adversely affected by industrial action at a major parts supplier.
TT electronics continues to transfer manufacturing to its factories in low labour cost economies. The first half results will include losses incurred in high labour cost operations prior to manufacturing transfers, together with costs associated with reorganisations.
TT electronics' businesses have been strengthened this year with:
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The approval by a major German automotive customer to start volume production of our Autopad® accelerator pedal product.
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The acquisition of New Chapel Electronics for an initial consideration of £4.2m, funded from existing facilities.
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The winning of a major US defence contract for interconnection systems worth $90m over five years.
Financial Position
TT electronics has a robust balance sheet and there have been no significant changes to the financial position of the group since that reported as at 31 December 2007.
Outlook
TT electronics' broad range of products and technologies, combined with a balanced exposure to a range of markets and territories, underpins the group's future performance.
Although results for the first half year will be lower than in the corresponding period in 2007, the Board's outlook for the current financial year as a whole is unchanged from that communicated in our recent preliminary results announcement. The Board continues to have confidence in the future prospects of the business.'
Enquiries:
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TT electronics plc Neil Rodgers, Chief Executive |
Tel: 01932 841310
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Biddicks Zoë Biddick |
Tel: 020 7448 1000
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