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TT Electronics annual revenue slips 12%; though on improving trend
StockMarketWire.com
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Industrial electronics group TT Electronics said its annual revenue had fallen 12% year-on-year, though on an improving trend.
Revenue for the year through December had dropped to around £432 million, representing a fall on a constant currency basis of 9%.
Revenue had only fallen 4% in the fourth quarter. 'The improvement trends seen to the end of October have continued,' TT Electronics said.
The company said order intake continued to improve, with bookings for the full year at 99% of revenue, and for the second half at 103% of revenue.
The order book remained broadly in line with the same time in 2020.
Annual adjusted pre-tax profit was expected to be in line with market expectations, having taken into a count a £1.1 million government furlough support repayment.
A margin enhancement programme was on schedule to deliver an expected £11 million-to-£12 million of run-rate benefits in 2023.
'As indicated with our interim results in August, our intention is to recommend a dividend at the time of the 2020 year-end results announcement,' TT Electronics said.
Story provided by StockMarketWire.com
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