Restructuring costs hit TT Electronics' full-year profit

March 13 Thu Mar 13, 2014 3:55am EDT

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March 13 (Reuters) - British electronic-parts maker TT Electronics Plc reported a 16.8 percent fall in full-year pretax profit as it invested heavily in its ongoing restructuring program.

Profit before tax fell to 18.3 million pounds ($30.4 million) for the year ended Dec. 31, from 22 million pounds a year earlier.

Underlying revenue rose 4.9 percent to 532.2 million pounds, helped by increased sales in its core sensing and controls business in the last two months of the year.

The company said its operating margin dropped to 5.7 percent from 6 percent as it invested in product development, productivity and other programmes to improve its cost base.

TT Electronics, which makes components used in the auto, healthcare and defence industries, said the positive trend in orders seen in the second half of 2013 has continued into the first quarter of this year.

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