Oxford’s TI Fluid Systems posts double-digit revenue growth for FY 2023
TI Fluid Systems, an Oxford-based manufacturer of automotive fluid storage, carrying and delivery systems, has shared its full-year results for the period ended 31st December 2023.
Revenues are up 11.1 per cent on a constant currency basis to £2.99 million, while adjusted EPS rose 57 per cent, driven by higher profitability and a lower effective tax rate.
The year saw TI Fluid Systems secure bookings with a lifetime revenue of £2.56 billion, as well as open three e-mobility innovation centres in Asia and strengthen its EV product offering through the acquisition of Cascade Engineering.
Looking ahead, automotive production volumes for 2024 are forecast to be slightly higher in North America, flat in China and slightly negative in Europe.
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The group’s expectations for the coming year are therefore tempered at flat to low-single-digit constant currency revenue growth.
President and CEO Hans Dieltjens said: “I’d like to thank the team for successfully navigating three years of transformation and external challenges.
“Our strategic initiatives are delivering results as we capitalise on the strengths of our conventional portfolio and the opportunities of electrification.
“Looking ahead, we expect to make further progress towards our mid-term targets during 2024 as we further increase our emphasis on operational efficiency and productivity.
“We’ll continue to execute on our strategic plan and remain focused on delivering strong results for our stakeholders.
“We’re confident in our ability to achieve our mid-term targets and remain excited about the opportunities that lie ahead.”
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