TT Electronics full year ahead of expectations

8th Mar 2023 07:15

(Sharecast News) - TT Electronics said on Wednesday that its 2022 performance had been ahead of expectations as it hailed a record order intake.

In the year to the end of December, pre-tax profit rose 13% to £40.4m, with revenue up 22% at £617m. Operating profit was 19% higher at £47.1m.

The company - which provides engineered electronics for performance critical applications - pointed to a "significant" number of new customer wins and incremental business opportunities with existing customers, alongside continued market share gains.

"The growth in revenue and the strong order intake also reflect multi-year programme wins and the positive structural trends evident in our end markets," said chief executive Richard Tyson.

"Our teams across the group have executed exceptionally well in the continuing challenging environment, given the significant supply chain and cost headwinds, to deliver a strong trading performance with very good profit growth, ahead of expectations."

He said that at the end of December, the order book gave the group visibility over around 90% of planned 2023 revenues, up from 77% revenue visibility at the same time a year earlier.

The company lifted its interim dividend to 6.3p a share from 5.6p.

At 1150 GMT, the shares were up 3.7% at 205.47p.