- Electronic component manufacturer TT Electronics posted a rise in annual profit, as it boosted sales at its aerospace, defence and medical divisions.

The company, however, warned the coronavirus could wipe £3m from its underlying operating profit in 2020.

Pre-tax profit from continuing operations in calendar 2019 rose to £15.1m, up from £14.6m on-year.

The company also booked a £3.4m gain on a discontinued operation.

Its underlying pre-tax profit from continuing operations rose 12% to £36.3m, as revenue rose 9% to £478.2m.

TT Electronics declared a full-year dividend of 7.0p per share, up from 6.5p on-year.

'Our performance in 2019 is the latest evidence of the significant business transformation we have achieved over the last five years,' chief executive Richard Tyson said.

'We are well placed to make progress in 2020 and beyond.'

'However, the duration and impact of the coronavirus remains uncertain, and based on the current situation we anticipate that it could impact underlying operating profit by up to £3 million in 2020.'

'We are focused on making further strategic progress, and our new self-help programme underpins the journey to double-digit margins.'

At 8:01am: [LON:TTG] TT Electronics PLC share price was -0.75p at 190.25p

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