WOKING, UK – TT Electronics posted 2020 adjusted revenue of £431.8 million (US$601.8 million) down 9.7% year-over-year.

Profit before tax for the year was £23.8 million, a decrease of 30.8% compared to 2019. Operating profit was £27.5 million, down 27.8%.

For the Global Manufacturing Solutions segment, 2020 revenue was £197.5 million, down 7% year-over-year. Adjusted operating profit was £15 million, up 11% compared to 2019.

The Sensors and Specialist Components segment reported revenue of £109.2 million, down 14%. Adjusted operating profit was £9.4 million, down 39%.

During 2020, the company invested £60 million in R&D and acquisitions, and Torotel was largely integrated.

Recovery strengthened in the fourth quarter with increasing orders and improved production capacity after the second quarter Covid-19 impact.

Free cash flow in 2020 was £14.4 million, aided by £3.6 million working capital inflow.

“We started 2020 with good momentum prior to the Covid-19 outbreak, which most impacted our trading performance in the second quarter,” said CEO Richard Tyson. “Since then, our performance has been on a recovering trend, which has strengthened in the fourth quarter of the year. This trend has continued into 2021 on the back of an increasing order intake across all divisions.

“We believe many of the positive, structural trends in our markets will accelerate as a result of the longer-term impacts on society from Covid-19. We see this in a number of areas, but especially in increasing demand for improved healthcare and an acceleration of digital transformation and connectivity. These factors, combined with the steps we have taken to enhance the quality of our businesses, our self-help program and our record order book, position us well for 2021 and give us confidence in an exciting future for TT.”

Ed.: £1 = US$1.39

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