TT Electronics backs FY guidance amid strong order intake
Engineered electronics provider TT Electronics backed its full-year outlook on Friday as it reported a jump in revenue and "strong" order intake.
In an update for the four months to the end of April, the company said group revenue was up 6% on the previous year at constant currency and 5% higher on an organic basis. This reflects "the ongoing healthy growth trends in TT's focus end-markets and the strength of our customer relationships," it said.
The firm said order intake continues to run "well ahead" of revenue, with book to bill for the four months at 151%, as it backed its expectations for the full year.
"Overall, the business continues to execute well in the face of Covid disruption and the well-documented supply chain issues," it said.
TT noted that its Power and Connectivity facility in Dongguan, China, was temporarily closed during the period, but the larger GMS facility in Suzhou, near Shanghai, has remained open.
"Our Sensors and Specialist Components and GMS divisions are performing well, whilst the results of our Power and Connectivity division are expected to be second half weighted," it said. "Our well-established self-help initiatives and our decisive action on pricing continue to effectively offset current cost inflation."
At 0920 BST, the shares were up 5.9% at 187p.