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TI Fluid Systems PLC on Tuesday declared a vastly higher interim dividend as profit jumped, boosted by light vehicle production volume growth. TI Fluid Systems is an Oxfordshire-based maker of automotive fluid storage, carrying, delivery, and thermal management systems for light vehicles. For the six months to June 30, the company reported a pretax profit of €58.9 million, leaped from €19.8 million a year prior. Revenue climbed 13% to €1.77 billion from €1.56 billion, helped by cost recovery agreements, said Chief Executive Officer Hans Dieltjens. Notably, light vehicle production volumes rose 11% to 43.3 million units in the first half of 2023. TI Fluid declared a dividend of 2.30 euro cents per share, more than doubled from 1.00 cents a year prior. Looking ahead, the company remained cautious about its outlook, expecting the second half of 2023 to be slightly weaker than the first half. It cited modest global economic growth and ongoing uncertainties. Despite this, TI Fluid Systems continues to anticipate revenue outperformance. TI Fluid Systems shares rose 15% to 1449.24 pence each on Tuesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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