11 January 2012
TT electronics plc
Pre-close Trading Update
2011 - Sustained Progress
TT electronics plc, a leader in electronic component and sensor technology, issues the following pre-close trading statement and will announce final results for the year ended 31 December 2011 on 15 March 2012.
The Interim Management Statement issued on 15 November 2011 noted continued improvement in performance during 2011 over that achieved in 2010. Trading in the last quarter of 2011 was in line with the Board's expectations and, as anticipated, profitability for the full year was significantly ahead of 2010.
Strong cash generation, continued progress in managing working capital, and the disposal proceeds have resulted in a net cash position of approximately £15m at 31 December 2011 compared with net debt of £9.9m at the start of the year.
TT is delivering sustainable improvements in operating performance amidst considerable macroeconomic uncertainty. We are targeting markets with strong fundamental growth, designing and manufacturing differentiated products and increasing the breadth and depth of relationships with major customers. In addition, we have several continuing initiatives to further improve the cost base and the performance of operating facilities.
The Board is confident that TT is well positioned to realise further improvements in performance and make progress towards our stated margin targets.
Enquiries:
TT electronics plc Tel: 01932 841310
Geraint Anderson, Group Chief Executive
Shatish Dasani, Group Finance Director
Hudson Sandler Tel: 020 7796 4133
Andrew Hayes
Note:
This statement contains certain forward-looking statements. Such statements are made by the Directors in good faith based on the information available to them at the time of the announcement and they should be treated with caution due to the inherent uncertainties underlying any such forward-looking information.
