Jan. 11 (Bloomberg) -- TT Electronics Plc, a U.K. maker of car sensors for Bayerische Motoren Werke AG and Volkswagen AG, said it’s seeking acquisitions in Asia after eliminating debt.
The company, based in Weybridge, England, had about 15 million pounds ($23 million) of net cash on Dec. 31, compared with 9.9 million pounds of net debt at the start of 2011, it said today in a Regulatory News Service statement. Trading in the fourth quarter was in line with its forecasts and full-year profitability was “significantly” ahead of 2010, it said.
TT Electronics seeks “acquisitions that would enhance our offering into the target markets where we’re looking to grow,” such as China, Indonesia and India, Chief Executive Officer Geraint Anderson said in a phone interview today.
Dominic Convey, an analyst at Peel Hunt with a “buy” recommendation, said in a note that the “transformation of TT Electronics remains on track,” management having “exceeded all targets set in the strategic review two years ago.”
Anderson said the company had more than 110 million pounds of debt when he joined as chief executive in 2008. It will complete the closure of a facility in North Carolina by the end of the year, he added.
The shares rose as much as 6.4 percent in London trading, and closed up 5.71 percent, or 8.25 pence, at 152.75 pence. The stock fell 21.8 percent in 2011 and has risen 13.6 percent so far this year.
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