UPDATE 1-TT electronics to spend up to 100 mln stg on acquisitions
* First-half profit falls 19 pct to 8.9 mln stg
* Group revenue rises about 5.5 pct
* Sensing and control division revenue rises 4.6 pct
* Components division revenue falls 12 pct
By Tasim Zahid
Aug 20 (Reuters) - Electronics group TT electronics Plc said it could spend as much as 100 million pounds ($156.71 million) to make bolt-on acquisitions in its industrial sensing and control division.
"Our facilities give us comfort to move upto that sort of 100 million pound kind of a mark. We are not saying that it is an acquisition of that sort of a size, but interesting technology, bolt-on type of companies that would fit very well into our portfolio," said Chief Executive Geraint Anderson.
Revenue at its sensing and control division, which accounts for more than half of the group's revenue, rose 4.6 percent to 141.5 million pounds in the six months ended June 30.
TT electronics recently combined its sensing and control divisions in an effort to improve margins. The company has been restructuring its business over the last few years and sold its secure power division last November for $46.5 million.
The company, which supplies equipment to German car makers BMW, Daimler and Volkswagen, said first-half profit fell 19 percent due to a slow first quarter and lower sales in its components division.
Pretax profit fell to 8.9 million pounds from 11 million pounds a year earlier. Group revenue rose about 5.5 percent to 261 million pounds, while revenue from its components division, which makes military style connectors for fighting vehicles, fell about 12 percent to 51.1 million pounds.
TT electronics said it expects a better second-half performance after trading improved in its components business.
"The focus on sensing and control will drive growth and improve overall operating margins to achieve the stated target of 8 to 10 percent by 2015," the company said.
Shares in the Weybridge, UK-based company were 3.7 percent lower at 181 pence at 0921 GMT on the London Stock Exchange. They have risen about 30 percent since the beginning of the year.
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