StockMarketWire.com - TT Electronics has swung to a FY pretax loss of £5.9m, from a year-earlier profit of £18.3m. Revenue was £524.3m, from £532.2m. Dividend per share was 5.5p, from 5.4p.

CEO Richard Tyson said the overall operational and financial performance for 2014 was disappointing.

"However, the Group has undergone significant change during the second half of the year. We have a new management team in place and a clear strategic plan to improve the performance of the businesses."

He said "2015 will be an important year of transition as this new plan is implemented.

"Whilst our order book remains sound, our markets continue to look challenging, especially in Europe. We therefore remain cautious in our outlook for 2015 and expect profits to be more second-half weighted than in the prior year.

"The benefits of the new strategic plan are expected to be seen from 2016. We are putting in place a solid platform from which to return to sustainable profitable growth and to improve value for shareholders."






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