TT Electronics' EMS Unit Sales Inch Higher in H1
CAMBRIDGE, ENGLAND -- First-half sales at TT Electronics' EMS unit rose 1.5% from a year ago to £69.4 million.
The operating profit slipped to £2.6 million and operating profit margin fell 40 basis points to 3.7%.
Currency impacts reduced sales by 4.3 percentage points. Operating profits were affected by the impact of foreign exchange (£200,000) and operational costs arising from site consolidation in the UK and establishment of the facility in Romania.
The EMS business secured new business from Shanghai Avionics supporting production of airborne avionics systems used on the C919, China’s first domestically produced airplane. IMS also established a design facility in Cary, North Carolina, to support defense and aerospace customers.
The EMS unit continued to expand its manufacturing footprint in Romania facility and is completing the closing of its facility at Tonypandy, Wales. The division took one-time charges of £2.5 million in the first half related to the moves.
