TT fortunes rise on the back of reorganisation and improving markets

Announcing the company's half year results, chief executive Geraint Anderson said: "The Group's recovery has entered a new phase. With the majority of restructuring complete we are focused on the continued delivery of operational improvements in customer focus, product innovation and manufacturing to sustain growth over the medium and long term. TT – which now comprises five divisions grouped into three strategic categories: Strategic Focus (Components and Sensors); Scalable Development (Secure Power and Integrated Manufacturing Services); and Run for Value (General Industrial) – said the roll-out of a new web-based performance management tool had been completed and was used to assess managers across the business, identify their development needs and set and track objectives. Progress had also been made in improving operational excellence in customer focus, product innovation and manufacturing. Certain markets had been identified as good growth opportunities, including the defence and aerospace, medical and hybrid vehicle markets. The defence and aerospace market had been more stable than certain other markets over the last 18 months. A number of projects had been identified in the hybrid vehicle electronics market, although these were unlikely to deliver significant revenue until 2012 when mass production is expected to begin. In the half year ended 30 June, revenue increased by 23% to £280.7 million compared with £227.6 million in a weak first half of 2009, while pre-tax profits were a positive £9.3 million (2009: loss of £3.8 million).