Revenues rose 10 per cent during the four months to October 2021 at Woking-based TT Electronics plc, a global provider of engineered electronics.
Revenues in the period were 11 per cent higher than the previous year.
The company said its order intake continues to run well ahead of strongly growing revenue with book to bill of 140 per cent and it has delivered additional contract wins in the period. As a result, the Group’s order book is at record levels and provides excellent visibility into 2022, underpinning growth expectations.
However, global supply chain constraints have continued in the second half and in some areas have tightened, principally impacting Power and Connectivity. The increased material and freight costs are being broadly offset by efficiencies and price management, the company said, and supported by the self-help programme which continues to progress well and it remains on track to deliver the anticipated run-rate benefits of £11-12m in 2023.
Richard Tyson, TT Chief Executive Officer, said: “I’m really pleased with the trading performance in the business. Customer demand and order intake has been very strong in the period, across all our divisions reflecting customer wins and market demand for our design-led solutions across structural growth markets. I am proud of how our people are managing the supply chain challenges and increased cost headwinds.
“We expect to deliver further margin improvement this year as we continue on our path to double digit margins.”