TT Electronics profits dive by 40%
Surrey-based company TT Electronics have reported a £8.3m plunge in pre-tax profits in their half-yearly report.
In comparison with last year, profits have fallen by just under 40% for the global electronic components supplier, and a drop in revenue from £281.8m to £271.2m was also announced.
TT Electronics remain resilient despite these figures which represent the period up to 30th June, and the organisation have emphasised their positive outlook for the future.
Geraint Anderson, Group Chief Executive, said: “Overall we are pleased with the resilience of the business in the current economic conditions.
“We have continued to make progress reducing our cost base with key projects delivered ahead of plan, and additional programmes now underway.
“These activities, together with an improving product mix, will deliver further margin growth in a more challenging market environment in the second half.
“Our global strength has positioned us well with both emerging key accounts and traditional customers, and we have won several major new contracts.”
Despite deterioration of market confidence and an uncertain macroeconomic environment, the company is staying optimistic, and have predicted progress on their margins, and have anticipated further investments and growth.
This was posted in Bdaily's Members' News section by Miranda Dobson .