- Global manufacturer of automotive fluid storage and delivery systems TI Fluid Systems reported a 3.3% drop in first-half revenue and a 4.1% fall in earnings amid a 'challenging' global automotive market.

Revenue fell to €1,708.1m in the six months to 30 June 2019, from €1,767.3m a year earlier while adjusted earnings (EBITDA) slumped 4.1% to €245.9m.

The company said it would maintain its 2019 interim dividend at 2018 level, or 3.02 euro cents per share. This could represent a full-year payout in excess of its 30% of adjusted net income dividend policy, it said.

Looking forward, the company said it expected revenue to continue to outperform global light vehicle production volume levels, excluding the impact of currency movements, but anticipated this revenue outperformance for the year to be lower than the prior year.

'Despite the challenging automotive environment and, with our excellent operating flexibility we expect our full-year adjusted EBIT margin to be in line with, to slightly weaker than H1 2019. Additionally, we expect adjusted free cash flow to be strong but lower than the prior year,' said CEO and president William L. Kozyra.

At 8:55am: [LON:TIFS] Ti Fluid Systems Plc Ord 1p Wi share price was -17.9p at 178.9p

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