TT Group still watching the pennies

28th Oct 2009 08:09

Electronic sensor company TT Group continues to trade profitably, despite lower sales, thanks to its cost cutting measures.The economic downturn continues to hit sales, with revenue in the second half of the year below that seen in the corresponding period of last year, although turnover was at least in line with management expectations.Having seen an improvement in the working capital position in the first half of the year the company said this trend has continued in the second half.Net debt at the end of September was £92.6m, down from £100m at the end of June and £113.2m at the end of 2008.The board said it remains comfortable with the level of headroom it has on available banking facilities.‘Whilst there is still limited visibility, market conditions continue to be stable as noted in the interim statement in August and our expectations of trading performance for the full year are unchanged,’ the company said.