Flat start to the year for TT

Global electronic components supplier TT Electronics said sales in the first four months of the year (at constant exchange rates) were on a par with last year.

The group counted this as a good result, given the sharp increase in orders in 2011 following the Japanese earthquake.

Order receipts have been good during the reporting period, especially for the Components and Sensors divisions, with many key account customers outperforming their sectors, providing visibility for a strong second half performance, the group said.

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Net debt as at May 4th 2012 was around £6.5m, compared with net cash of £15.2m at the start of the year, due to seasonal outflows of working capital and planned capital expenditure.

The group's performance for 2012 is anticipated to be in line with the board's expectations.

The shares fell 2.75p to 163.5p in afternoon trading on the day of the results.

JH