TT electronics continues to improve

15th Mar 2010 07:09

Sensor and electronic components firm TT electronics has been hit hard by the recession, but put in a "creditable" performance in 2009 and has continued a better fourth quarter performance into the new year.The group traded in the black during the second half, resulting in a profit before exceptional items of £0.8m for the year, down sharply from the £21.1m reported in 2008. A restructuring resulted in £14.2m of exceptional costs.Revenue fell 14.5% to £499.6m following a "significant" reduction in demand from the automotive industry and less interest from industrial customers. Excluding currency effects, revenue fell 22%."While trading conditions were difficult throughout most of 2009, an improvement in the fourth quarter has continued into the first two months of 2010," said chief executive Geraint Anderson."There is now greater visibility in certain markets for the first half of the year with the group tracking slightly ahead of our previous expectations."In a separate statement, John Newman has announced his intention to stand down as chairman at the AGM in May. He makes way for Sean Watson, a corporate partner at City law firm, CMS Cameron McKenna, and non-executive director of TT since November 2007.