StockMarketWire.com - Automotive fluid storage and delivery system supplier TI Fluid Systems posted a 37% rise in annual profit, as lower financing costs offset a fall in revenue.

Pre-tax profit for the year through December rose to €217.1m, even as revenue edged back 0.5% to €3.74bn.

On a constant currency basis, revenue rose 2.0%.

Adjusted operating earnings fell 18% to €3.47bn.

The company declared a final dividend proposal of 5.94c per share, bringing the full year dividend to 8.96c.

'2018 was a great year for TI Fluid Systemsm,' chief executive William L. Kozyra said.

'Despite a slight softening in global light vehicle production growth, we achieved strong organic growth, solid profit margins and free cash flow generation.'

'We continue to work on new design and engineering thermal management and pressurised tank opportunities with our existing customers as the electric market continues to progress.'

'We are confident that our business model will continue to deliver consistent, strong financial performance along with attractive returns.'










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