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TI Fluid Systems swings to loss; ups dividend on recovery prospects
StockMarketWire.com
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Automotive fluid systems developer TI Fluid Systems swung to a full-year loss after the pandemic hurt global auto markets.
The company, however, upped its dividend, while touting its longer-term growth prospects.
Pre-tax losses for the year through December amounted to €253.8 million, compared to a year-on-year profit of €201.7 million, as revenue slumped 17% to €2.81 billion.
The company also wrote down the value of its assets to the tune of €304.6 million.
It declared an 'interim' dividend of 6.74c per share, up from 3.02c year-on-year.
TI Fluid Systems said it was committed to resume annual dividend payments for fiscal year 2021 in accordance with its payout policy.
'The group demonstrated its business resilience in 2020 during one of the biggest declines the global automotive market has faced in modern history,' chief executive William L. Kozyra said.
'We remain confident in our strategy, business model resilience, operating flexibility and strength in our ability to generate positive profit and positive free cash flow in 2021.'
At 8:00am: (LON:TIFS) Ti Fluid Systems PLC share price was 0p at 220p
Story provided by StockMarketWire.com
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