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TT Electronics profit slumps; ups dividend amid recovery
StockMarketWire.com
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Electronic components manufacturer TT Electronics booked a slump in annual profit but upped its dividend amid a recent recovery in demand.
Pre-tax profit for the year through December dropped to £2.9 million, down from £13.2 million year-on-year, as revenue slid 10% to £431.8 million.
TT declared a full-year dividend of 4.7p per share, up from 2.1p year-on-year.
'We started 2020 with good momentum prior to the COVID-19 outbreak which most impacted our trading performance in the second quarter,' chief executive Richard Tyson said.
'Since then our performance has been on a recovering trend, which has strengthened in the fourth quarter of the year.'
'This trend has continued into 2021 on the back of an increasing order intake across all divisions.'
At 9:44am: (LON:TTG) TT Electronics PLC share price was 0p at 218p
Story provided by StockMarketWire.com
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