- TT Electronics, a provider of engineered electronics for performance critical applications, grew its group revenue by 4% on an organic basis in the four months to the end of April.

The group said order intake has been good, and the order book across all three divisions continues to be strongly ahead of the prior year.

The order book strength is in part due to customers continuing to place orders further ahead than at this time last year as a result of ongoing industry-wide component shortages.

Good growth dynamics have translated into margin progression in the Sensors and Specialist Components and Global Manufacturing Solutions divisions.

As a result of continued strong demand in the Power Electronics division, additional investment has been made to meet customer schedules and to build capacity to deliver anticipated future growth. These costs, together with the absence of last year's high margin one-off sales, will impact the Power Electronics divisional margin in the first half, with the division's margin expected to normalise for the full year. Group margin progression has been positive.

On 18 April, TT completed the acquisition of Stadium Group for an enterprise value of £59.7 million. In the first four months of the year, Stadium's revenue is up 5% at constant currency, supported by the acquisition of PowerPax.

At 9:14am: [LON:TTG] TT Electronics PLC share price was +1.5p at 229.5p

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