Woking’s TT Electronics announces positive start to 2023
Woking-based electronics manufacturer TT Electronics has announced a positive start to the year.
The announcement, which covers the four months to the end of April 2023, came in a release to the stock market ahead of its annual general meeting yesterday.
The company pointed to continued momentum from last yar, reflecting growth of its end markets. On a constant currency basis, TT Electronics announced revenues 16 per cent higher than the previous year.
This is driven in part by “much improved” performance in its Power and Connectivity division compared to the first half of 2022, as well as continuing good performance of its Sensors and Specialist Components and GMS divisions.
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The pace of order intake is returning to more normal levels. The Group's order book remains close to record levels and current year expected revenues are now almost fully covered by orders.
The board’s outlook for the year remains unchanged with strong performance despite macroeconomic uncertainty.
Richard Tyson, Chief Executive Officer said: "We are pleased that the momentum from last year has continued into 2023, with the year starting well. The improved performance of our Power and Connectivity division is particularly notable. Overall, the Group continues to deliver good growth in revenues and our order book position supports our outlook for the full year."
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