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Orders help TT Electronics recover lost ground in July-October period
StockMarketWire.com
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Technology group TT Electronics has reported improving revenues and recovering booking levels in the four months to 24 October.
Revenue in the period was 11% lower than the previous year on a constant currency basis and 12% lower on an organic basis, the company said in a trading update this morning. This compared to a 17% organic reduction in the second quarter of 2020.
Bookings for the four months were running at 104% of revenue, meaning the company's order book had almost recovered to where it was this time last year.
TT Electronics said it was 'making good progress' with its 'self-help programme', which was on schedule to deliver an expected £11-12 million of run-rate benefits in 2023.
The company also announced the completion of its $43.4 million acquisition of Torotel, a US-based designer and manufacturer of high-reliability power and electro-magnetic assemblies and components designed for harsh environments, primarily for defence markets.
Richard Tyson, chief executive officer, said: 'We are continuing our journey to double-digit margins and expect to see further improvement in trading this year.'
At 1:45pm: (LON:TTG) TT Electronics PLC share price was -7p at 217p
Story provided by StockMarketWire.com
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