TT Electronics reports strong start to 2019
TT Electronics reported a strong start to 2019 as revenue and orders rose at the maker of electronic components and systems.
Group revenue rose 27% excluding currency swings in the four months to the end of April, reflecting business development and integration of acquisitions, TT said before its annual meeting. The company makes sensors, resistors, connectors and other electrical parts for industries including aerospace, transport and heavy industry.
Excluding acquisitions and disposals, revenue increased 10%, continuing momentum from the second half of 2018. Growth in power and connectivity and global manufacturing products more than made up for flat revenue in sensors and specialist components.
“The group's order book remains ahead of the prior year,” TT said. “We have secured a number of new contract wins with both aerospace and defence and medical customers … The group remains well placed to make further progress in 2019 and beyond."
TT shares rose 3.9% to 248.35p at 11:35 BST.