Woking-based TT Electronics plc, a global provider of engineered electronics, has reported strengthening revenues over the last four months.
Group revenue for the period was £235.6 million, up 16 per cent on a constant currency basis and 12 per cent on an organic basis. The Group’s adjusted operating profit for the period was £15.9 million, 27 per cent higher than the prior year.
Richard Tyson, Chief Executive Officer, said: “We are really pleased to have delivered a strong performance in the first half with a record order book and strong growth as a direct result of the steps we have taken to reposition and improve the quality of the business. This growth together with the benefits of our self-help programme and higher margin acquisitions have resulted in improved margins.
He added: “We are very encouraged by our sales and order performance in the first half of the year, with continued improvement in trading momentum and we are on track to return to 2019 revenue and margin levels in 2021. The structural growth markets we operate in have moved back towards their long-term growth trajectory, and the benefits of our strategic repositioning and focus on building close relationships with our customers can be seen in new business wins, the order book and the financial performance of the Group. ”
In March, TT Electronics’ rapid COVID-19 screening device Virolens secured MHRA registration. Virolens is a rapid COVID-19 screening device for which TT is the exclusive manufacturing partner.
Richard said: “We have now established a product with commercial potential and remain encouraged that active dialogue is continuing with a number of regulators and that commercial potential exists with a range of customers subject to further approvals.”
The Virolens system which provides test results for COVID-19 in 20 seconds was launched last year following successful trials at London Heathrow Airport. The Virolens COVID-19 screening device uses microscopic holographic imaging and artificial intelligence (AI) software technology to detect the presence of the COVID-19 virus from a non-intrusive saliva swab test within 20 seconds. The device does not need to be administered by healthcare professionals and is expected to be used in airports, offices, sports venues and many other locations where people need to be in close proximity to each other.