TT Electronics PLC Change to Reporting Segmentation (7467M)
01 August 2017 - 9:00PM
UK Regulatory
TIDMTTG
RNS Number : 7467M
TT Electronics PLC
01 August 2017
1 August 2017
TT Electronics plc
Change to Reporting Segmentation
TT Electronics ("TT" or the "Group"), a global provider of
engineered electronics for performance critical applications, is
today announcing changes to the names and constituent business of
its external reporting segments to better reflect how the
businesses are managed and organised to address their markets.
Following the announcement on 19 July 2017 that TT has entered
in to a conditional agreement for the sale of its Transportation
Sensing and Control division, the results of this division will be
transferred to discontinued operations.
TT has re-organised its continuing operations to move the
Passive Components business from the Advanced Components division
into the Industrial Sensing and Control division, with the division
being renamed Sensors and Specialist Components. The main driver
for bringing these two businesses together is to allow a joined-up
approach in their routes to market, facilitating key account
management with our distributors and to support future growth.
The remainder of the Advanced Components division will be
renamed Power Electronics, to reflect the change in business mix
following the integration of Aero Stanrew into the Group. No change
has been made to the Integrated Manufacturing Services division,
apart from it being renamed Global Manufacturing Solutions.
Previously all costs managed centrally were allocated to the
divisional segments. Following a review it is now considered more
appropriate for head office costs which are not related to the
operating activities of the trading units to be held centrally.
As a result of this change, the continuing operations will be
reported under the following divisional segments:
-- Sensors and Specialist Components
-- Power Electronics
-- Global Manufacturing Solutions
The make-up of the new segments and the associated revenues are
shown below
Old Segment Business Unit New Segment
--------------------- --------------------- -----------------------
Industrial Sensing Industrial Sensing
& Control & Control
FY 2016 GBP64.4m FY 2016 GBP64.4m
--------------------- --------------------- -----------------------
Sensors and Specialist
Passive Components Components
FY 2016 GBP65.1m FY 2016 GBP129.5m
--------------------- --------------------- -----------------------
Advanced Components Power Electronics Power Electronics
FY 2016 GBP121.3m FY 2016 GBP56.2m FY 2016 GBP56.2m
--------------------- --------------------- -----------------------
IMS IMS Global Manufacturing
FY 2016 GBP147.0m FY 2016 GBP147.0m Solutions
FY 2016 GBP147.0m
--------------------- --------------------- -----------------------
For the purpose of comparison, the Group is today publishing its
segmental results for the financial year 2016 and the first half of
2016 on the new basis, as shown below:
Income statement information
2016
================ ============= =========================== ========== ============
Sensors Power Global Total Corporate Total
and Specialist Electronics Manufacturing Segments Continuing
GBPmillion Components Solutions Operations
==================== ================ ============= =============== ========== ========== ============
Sales to external
customers 129.5 56.2 147.0 332.7 - 332.7
Segment underlying
operating profit 15.6 5.0 6.3 26.9 (6.3) 20.6
Margin 12.0% 8.9% 4.3% 8.1% - 6.2%
H1 2016
================ ============= =========================== ========== ============
Sensors Power Global Total Corporate Total
and Specialist Electronics Manufacturing Segments Continuing
GBPmillion Components Solutions Operations
==================== ================ ============= =============== ========== ========== ============
Sales to external
customers 60.6 26.3 72.3 159.2 - 159.2
Segment underlying
operating profit 7.1 1.9 2.4 11.4 (3.1) 8.3
Margin 11.7% 7.2% 3.3% 7.2% - 5.2%
Segment assets and liabilities
Assets Liabilities
======= ============
GBPmillion 2016 2016
============================== ======= ============
Sensors and Specialist
Components 127.3 21.7
Power Electronics 71.2 11.2
Global Manufacturing
Solutions 82.8 25.6
Segment assets and
liabilities 281.3 58.5
Discontinued operations 115.4 39.6
Pension liability - 5.7
Unallocated assets
and liabilities 72.7 132.2
============================== ======= ============
Total assets and liabilities 469.4 236.0
============================== ======= ============
Capital Depreciation
expenditure & amortisation
============= ================
GBPmillion 2016 2016
============================= ============= ================
Sensors and Specialist
Components 8.1 6.3
Power Electronics 2.3 2.4
Global Manufacturing
Solutions 5.2 3.5
Total continuing operations 15.6 12.2
============================= ============= ================
For further information
please contact:
TT Electronics plc Tel: +44 (0)1932 825 300
Mark Hoad, Chief Financial Officer
Emma Darke, Head of Investor Relations and Communications
MHP Tel: +44 (0)20 3128 8100
Tim Rowntree / Katie Hunt / Ivana Petkova / Hannah
Winter
Notes:
The Group's interim results will be announced
on 11 August 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
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