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TI Fluid Systems PLC on Wednesday backed annual guidance, set out medium-term targets and unveiled a new organisational structure. The maker of automotive fluid storage, carrying, delivery, and thermal management systems for light vehicles, ahead of its capital markets day in London on Wednesday, said the new structure means it can ‘respond to local differences in the speed of transition to electric vehicles’. From January, it will move to a geographic structure, with regional divisions for the Americas, Europe & Africa and Asia Pacific. Currently, its divisions are Fuel Carrying Systems and Fuel Tank & Delivery Systems. TI Fluid backed its 2023 guidance. It lifted its outlook back in August, predicting an adjusted earnings before interest and tax margin above 7%, rising from the 5.5% achieved in 2022. It had originally forecast an adjusted Ebit margin above 6%. Looking further ahead, it is predicting revenue between €3.8 billion and €4.2 billion for 2026, at least 16% higher than 2022’s €3.27 billion. It eyes revenue of over €4.5 billion by 2030. It is also sizing up a double-digit adjusted Ebit margin in the medium term. TI Fluid shares rose 1.4% to 120.20 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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