TT electronics reports decline in revenues and profits

TT electronics said a challenging market environment lead to a drop in annual revenue and pre-tax profit.

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

Recommended

How to profit from India’s high-tech recovery
Share tips

How to profit from India’s high-tech recovery

Professional investor David Cornell of the India Capital Growth Fund, selects three of his favourite Indian stocks to buy now.
27 Sep 2021
Share tips of the week – 24 September
Share tips

Share tips of the week – 24 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
24 Sep 2021
Three strong Asian stocks trading at bargain prices
Share tips

Three strong Asian stocks trading at bargain prices

Professional investor Nitin Bajaj of the Fidelity Asian Values investment trust picks three stocks that dominate their industries, earn good returns o…
20 Sep 2021
Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021

Most Popular

A nightmare 1970s scenario for investors is edging closer
Investment strategy

A nightmare 1970s scenario for investors is edging closer

Inflation need not be a worry unless it is driven by labour market shortages. Unfortunately, writes macroeconomist Philip Pilkington, that’s exactly w…
17 Sep 2021
What really causes inflation? Here’s what prices since 1970 tell us
Inflation

What really causes inflation? Here’s what prices since 1970 tell us

As UK inflation hits 3.2%, Dominic Frisby compares the cost of living 50 years ago with that of today, and explains how debt drives prices higher.
15 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021