Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

TI Fluid Systems sees FY results 'slightly ahead' of expectations

(Sharecast News) - TI Fluid Systems said on Wednesday that full-year results were set to be "slightly ahead" of expectations after a continued strong performance in the fourth quarter.

In an update for the year to the end of December 2023, the company said margin expansion was driven by commercial performance and cost reduction actions. These were partially offset by inflation, volatility in customer demand and adverse currency movements, it said.

As a result, it now expects to report FY23 results slightly ahead of expectations, with revenue of about €3.5bn, representing year-on-year double-digit growth on a constant currency basis.

TI Fluid expects adjusted EBIT margin expansion to around 7.4% and adjusted free cash flow of approximately €140m, a conversion of circa 35% of adjusted EBITDA.

The group said that in 2023 it made good progress towards its mid-term targets for revenue of €3.8-4.2bn and a return to a double-digit adjusted EBIT margin.

"Longer-term, we are confident that the business is well-positioned to capitalise on the opportunities of electrification while leveraging the strengths of our conventional portfolio to drive sustainable, profitable long-term growth," it said.

Share this article

Related Sharecast Articles

Billionaire Issa nearing deal to sell Asda stake to TDR Capital - report
(Sharecast News) - US private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
Billionaire Issa nearing deal to sell Asda stake to TDR Capital
(Sharecast News) - Private equity firm TDR Capital is reportedly closing in on a deal to buy petrol station billionaire Zuber Issa's stake in supermarket chain Asda.
DS Smith tumbles as Mondi abandons pursuit
(Sharecast News) - DS Smith tanked on Friday after Mondi said it would not be making an offer for the rival packaging group, clearing the path for a takeover by International Paper.
Eqtec agrees amendment to Verde subscription
(Sharecast News) - Waste-to-energy technology developer Eqtec updated the market on the Verde Corporation subscription on Friday, confirming that an amendment to the subscription letter had been agreed upon with Verde.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.