Continued improvement in trading at Woking electronics manufacturer
Woking-based engineered electronics provider, TT Electronics plc, has reported a continued improvement in trading in 2020.
The improvement trends seen to the end of October have continued, with revenue in the last two months of 2020 only 4 per cent lower than the previous year on an organic basis.
Revenue for the full year of £432 million, was 9 per cent lower on a constant currency basis and 12 per cent lower on an organic basis. Order intake continues to improve across the Group. Bookings for full year were at 99 per cent of revenue, and for the second half were 103 per cent of revenue. The order book remains broadly in line with this time last year.
As a result, the company says it will repay the £1.1 million Coronavirus Job Retention Scheme (furlough) payments received from the UK Government.
Despite the national lockdown in the UK, and restrictions elsewhere in the world, all its facilities remain open and Covid-safe and are delivering to customer requirements.
Richard Tyson, Chief Executive Officer said: "TT has proven to be resilient in the face of the Covid pandemic, benefitting from the actions we have taken to improve the quality of the business. Order intake over the last few months is encouraging as we look into 2021, a year in which we expect to see continued revenue recovery and good profit growth.
"The structural growth trends in our end markets, and the self-help actions which are well underway give us confidence in our journey to double-digit margins, supported by strong cash generation and improving return on invested capital."
TT designs and manufactures sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, US, Sweden and Asia.
The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.
