TT electronics reports decline in revenues and profits

14th Mar 2013 09:43

TT electronics said a challenging market environment lead to a drop in annual revenue and pre-tax profit.The provider of technology solutions to manufacturers posted a 6.4% fall in 2012 revenue of £476m and a 12.7% decline in pre-tax profit of £26.7m.Nevertheless, the group raised its dividend by 13.6% to 5.0p as operating profit grew 2.4% to £29.4m.The company ended the year with a net cash position of £46.7m up from £15.2 the prior year."The business performed well against the backdrop of a challenging market environment reporting an improvement in profitability as we made further progress towards our stated margin targets," Group Chief Executive, Geraint Anderson, said.During the period, the company became a wholly focused business following the disposal of Dale Power Solutions, part of the Secure Power division. The firm also expanded its global reach in Mexico, Romania, India and China. "We are now a wholly focused electronics business and we further expanded our global footprint and capacity in strategic regions, enhancing our ability to serve key customers," Anderson added."In 2013, we will combine our existing capabilities to create a sensing and control business and focus investment to capture increasing market opportunities and drive value for shareholders."Shares climbed 3.8% to 170.75p at 10:10 Thursday.RD