TT Electronics reports improving revenues

TT Electronics

Woking-based TT Electronics plc, a global provider of engineered electronics, has reported improving revenues.

Momentum in the Group’s trading performance has continued as expected, with the trends in like-for-like revenue improving in the four months to October. Revenue in the period was 12 per cent lower on an organic basis. This compares to a 17 per cent organic reduction in the second quarter of 2020.

In September the company announced that TT had been appointed exclusive manufacturing partner for the commercial launch of Virolens, a rapid COVID-19 screening device. There remains a wide range of possible outcomes but Virolens is proceeding through regulatory approvals and devices have been shipped to initial launch customers for operational trials in a number of different jurisdictions. 

On 10 November the Group completed the acquisition of Torotel for $43.4 million. Torotel is a Kansas, US-based designer and manufacturer of power and electro-magnetic assemblies and components designed for harsh environments, primarily for defence markets. The acquisition broadens TT’s power electronics capabilities in the US, further increasing its scale in this important market.

Richard Tyson, Chief Executive Officer said: “We are pleased that trading momentum has continued to recover during recent months, with organic revenue trends improving across the Group. I am also pleased we have completed the acquisition of Torotel, which is a strong strategic fit for TT, increasing both our scale and capabilities in the important US defence market.