Shares of TT Electronics Plc (TTG.L) were gaining more than 5 percent in the morning trading in London after the provider of electronic components and manufacturing services reported Thursday narrower net loss in its fiscal 2023, despite weak revenues.
Further, the Board proposed a final dividend of 4.65 pence per share, giving an increase of 8 percent in the total dividend to 6.8 pence. Payment of the dividend will be made on May 15, to shareholders on the register at April 12.
Looking ahead, Peter France, Chief Executive Officer, said, "Based on the strength and level of visibility in our order book, current end market activity and operational improvement initiatives that are underway, while mindful of the wider macro environment, we are on track to deliver a 10 percent operating margin in 2024."
In fiscal 2023, loss before taxation was 1.1 million pounds, compared to last year's loss of 10.1 million pounds. Loss per share was 3.9 pence, narrower than loss of 7.5 pence per share a year ago.
Adjusted profit before taxation was 43.0 million pounds, compared to 40.4 million pounds a year ago. Adjusted earnings per share were 19.2 pence, compared to 18.2 pence a year earlier.
Revenue edged down 1 percent to 613.9 million pounds from 617.0 million pounds last year. Rveneues grew 1 percent at constant currency rates.
In London, TT Electronics shares were trading at 147.26 pence, up 5.34 percent.
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