StockMarketWire.com - Automotive fluid system manufacturer TI Fluid Systems swung to a first-half profit as demand bounced back following an easing of lockdowns.

Pre-tax profit for the six months through June amounted to €32.9 million, compared to a year-on-year loss of €352.7 million.

Revenue jumped 29% to €1.52 billion.

TI Fluid Systems held its interim dividend steady at 1.93c per share.

The company said its operating profit was returning to normalised levels, due to recovering revenues and the non-repeat of a prior-period exceptional impairment charge.

'The first six months of 2021 saw the continued recovery of global light vehicle production volumes from the impacts of the 2020 COVID-19 pandemic,' chief executive William L. Kozyra said.

Looking forward, the said the company had achieved a 'strong' performance through the first half of 2021.

Still, he said current 2021 global light vehicle production volume forecasts may be optimistic, given ongoing microchip and other supply related constraints.

'However, despite this potential volume softness for the second half of 2021, our annual outlook guidance issued on 16 March 2021 remains unchanged,' Kozyra said.

'We remain confident that our full year 2021 revenue will outperform global light vehicle production volumes.'

'We also continue to target a high single-digit adjusted EBIT margin for 2021 as well as adjusted free cash flow that will support our dividend policy targeting a pay-out of approximately 30% of adjusted net income.'






Story provided by StockMarketWire.com