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September 12, 1995

TT GROUP WORKS ITS MAGIC ON BOMBED-OUT ACQUISITIONS

By CBR Staff Writer

TT Group Plc, the holding company where sick businesses go to be made better, is confident that its latest patient will respond to treatment and return to profit. TT bought Talbot Green, South Wales printed circuit board assembler Race Electronics Ltd from the receiver in July (CI No 2,717). It has paid ú5.75m thus far, the exact amount to be determined following a stock-take, according to TT chairman John Newman. Weybridge, Surrey-based TT Group turned in interim pre-tax profits to June 30 up 25% to ú18.7m on turnover that rose 16% to ú231.4m. The old building services division has been absorbed into the industrial division, reflecting a malaise in the UK construction industry that looks like hanging around for years to come. The electronic components division has split from the industrial division and comprises companies making resistors, sensors and ferrites. The packaging division remains the same. Last year’s figures have been adjusted accordingly. Electronic components sales rose 12% to 90.3m and profits were up 32% at ú10.7m. Investment in factory space and machinery has continued unabated in the UK and Germany during the half. A contract said to be worth $60m was won from a US car manufacturer for mass airflow sensors. The industrial division, the largest and the one Race Electronics will be joining, saw turnover increase 19% to ú111.1m and profits by 15% to ú3.5m. The outlook is said to be encouraging in both printed circuit board and automotive control system manufacturing. The former has responded well to increased investment – and will be boosted further by Race’s arrival – and efficiency improvements have been identified at the latter, which will be acted upon, according to the company. Last year’s purchase, Dale Electric Interational Plc, has gone under the TT knife and is now said to be re-establishing its competitiveness. The uninterruptible power supply business and the airport ground power units businesses have been set up as autonomous units and are said to be making satisfactory progress. The packaging division saw turnover rose 15% to ú30.0m and profits up 20% to ú5.1m. Cash at the six-month stage was ú34.1m, down from ú52.2m last time. An interim dividend of 2.44 pence represents a 15% rise on last time. The shares were up 15 pence at 284p by late afternoon.

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