TT Group Plc, the Weybridge, Surrey-based industrial holding company that bought AB Electronic Products in January 1993 (CI No 2,064), saw interim pre-tax profits storm ahead by 58.3% at UKP14.9m on turnover up 11.7% at UKP200.1m. TT managed to turn AB around within 12 months and its continued tight financial control over the AB companies plus TT’s rights issue in August 1993 reduced interest charges to UKP500,000 from UKP2.3m. The rights issue raised UKP51.4m and TT will use the money to finance future acquisitions. The first of these will be Dale Electric International Plc, the manufacturer of generators and uninterruptable power supply equipment. TT announced the bid on July 22 and by August 19 had received sufficient acceptances for the bid to become unconditional. TT will pay an interim dividend of 3.2 pence, up 23.1% on last time.
