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TI Fluid Systems PLC on Wednesday said it was well positioned to deliver on its long-term objectives, as it anticipates revenue for last year ahead of 2021.
TI Fluid Systems is an Oxfordshire, England-based global manufacturer of automotive fluid storage, carrying, delivery, and thermal management systems for light vehicles.
For the year ended December 31, 2022, the company expects revenue at around €3.26 billion, representing growth of 10% compared to 2021.
This is despite an unexpected negative sales impact in China during the final quarter, driven by changes to the government’s Covid-19 policy, which caused unexpected production shutdowns.
However, TI Fluid Systems made good progress on battery electric vehicle awards during the final quarter, with a further €400 million lifetime revenue booked. This brought the total to €1.3 billion for the full year.
Annual bookings for hybrid electric vehicles were similarly €1.3 billion, with €300 million in the fourth quarter.
The company expects annual adjusted earnings for 2022 before interest and tax of around €180 million. Adjusted free cash flow for the same year is expected to be approximately €80 million.
Looking ahead, TI Fluid said it would review the carrying value of certain fixed and intangible assets at the year end, which is likely to give rise to a material non-cash impairment charge.
Company shares fell as a result, down 13% to 117.40 pence each in London on Wednesday morning.
Yet while the company was mindful of short-term challenges ahead - particularly in China - it remained confident of delivering on long-term objectives.
Full results will be published on March 16.
By Holly Beveridge; Alliance News reporter
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