TT electronics sees lower first half results
Sensor and electronic components firm TT electronics said first half results will be lower than last year due to a slower North American market.
"Although results for the first half year will be lower than in the corresponding period in 2007, the Board's outlook for the current financial year as a whole is unchanged from that communicated in our recent preliminary results announcement," it said.
The group said overall conditions in TT electronics' markets are similar to 2007 except business in the North American market, which is slower. The US automotive sector is also being adversely affected by industrial action at a major parts supplier, it said.
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TT electronics said it continues to transfer manufacturing to its factories in low labour cost economies. It said first half results will include losses incurred in high labour cost operations prior to manufacturing transfers together with reorganisation costs.
"The board continues to have confidence in the future prospects of the business," it added.
