AYESHIRE, UK - TT Electronics, a provider of resistors, sensors and EMS services, reported preliminary sales from continuing operations of £597.4 million, up 13% from £527.5 million in 2003.

 
Profits, before goodwill amortization and taxes and not including one-time charges, were £30.1 million, up from £20.0 million.

Demand for automotive products grew 10%, while telecom and computers grew 35%, TT Electronics said.

Sales from electronics increased 16% to £403.6 million. Electronics showed an operating profit of £26 million before goodwill amortization, versus £16.9 million last year. 

During 2004, the company acquired Optek Technology, substantially expanding its sensor business, and Dage Ltd., giving it an electronics manufacturing base in China. Dage Ltd. was acquired for cash considerations of £8.0 million. In the year ended April 30, Dage Ltd. had profit before tax of £1.2 million on sales of £19.3 million.  

John Newman, executive chairman, said in a statement: "Our future strategy lies in both passive and active components and we continue to develop new technologies such as our advanced inductive sensors and high intensity visible light emitting diodes which are attracting significant interest. Our recent expansion into China is an important strategic development enabling us to continue to meet the requirements of our customers, particularly in the automotive industry." 

In 2005, TT Electronics expects stable demand in North America and continued growth in China. 

The company is embarking on new programs to develop a range of surface-mount optoelectronic devices and LEDs.

 

 

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