TI Fluid Systems (TIFS)

Index:

FTSE 250

182.80p
   
  • Change Today:
      2.60p
  • 52 Week High: 273.00
  • 52 Week Low: 122.80
  • Currency: UK Pounds
  • Shares Issued: 520.27m
  • Volume: 222,532
  • Market Cap: £951.05m

TI Fluid to pay dividend after Q1 revenue drop

By Sean Farrell

Date: Monday 11 May 2020

LONDON (ShareCast) - (Sharecast News) - TI Fluid Systems said it would pay its final dividend after Covid-19 customer shutdowns caused revenue to fall 16% in the company's first quarter.
Revenue for the three months to the end of March fell 15.6% to €717.3m (£626m) from a year earlier. Excluding currency movements, revenue fell 16%.

TI Fluid said shareholders would receive 5.2p a share as a final dividend for the year to the end of December on 29 May subject to approval at its annual general meeting. The board and senior management have taken temporary 10% pay cuts and most other workers have agreed to a temporary 5% reduction.

Revenue in the Asia Pacific region fell 24.9% at constant currency to €181.5m and in Europe and Africa revenue dropped 14.3% to €303.3m. North America revenue fell 10.2% at constant currency to €219.4m and Latin America was down 7% to €13.1m.

TI Fluid makes automotive fluid storage for light vehicles. It said suspension of economic activity because of Covid-19 caused a 23% drop in light vehicle production in the first quarter and that its business outperformed the wider market.

The FTSE 250 company withdrew its outlook for 2020 because of "unprecedented uncertainty" but said it was well prepared to manage the coronavirus crisis. After drawing €146m of €192m in credit facilities its liquidity position was €600m at the end of March.

"After carefully considering the group's Q1 performance and overall liquidity and financial position, supports payment of the 2019 final dividend as previously announced," the company said.

TI Fluid said it had frozen hiring across its business, postponed salary increases and used worker furlough programmes to cut costs and conserve cash.





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TIFS Market Data

Currency UK Pounds
Share Price 182.80p
Change Today 2.60p
% Change 1.44 %
52 Week High 273.00
52 Week Low 122.80
Volume 222,532
Shares Issued 520.27m
Market Cap £951.05m

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TIFS Dividends

  Latest Previous
  Interim Final
Ex-Div 15-Aug-19 25-Apr-19
Paid 27-Sep-19 31-May-19
Amount 3.02¢ 5.94¢

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