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(Alliance News) - TI Fluid Systems PLC on Monday said it expects a boost in annual revenue and anticipates the increase to surpass global light vehicle production growth.
The Oxford-based company makes products including brake fluids and fuel tanks for manufacturers of cars and other light vehicles.
It expects to report full-year revenue of around EUR2.95 billion. This would represent a 5.0% increase from revenue of EUR2.81 billion it recorded the year before.
On a constant currency basis, TI Fluid expects its revenue growth in 2021 to surpass global light vehicle production growth by around 3%.
The company continued by stating that it anticipates its full-year adjusted earnings before interest, tax, depreciation, and amortisation margin to be at least 7%.
Cash flow generation also remained "strong" throughout the year, it said. Therefore, adjusted free cash flow is expected to be delivered in line with its expectations.
The firm credited this "resilient" performance to its "effective" business model that is based on cost flexibility and solid cash generation capability.
Separately, TI Fluid said that its chair Manfred Wennemer announced he would step down from his role, following the company's annual general meeting on May 18.
Tim Cobbold has been appointed to succeed him. He has over thirty years of experience in a variety of sectors and spent 10 years as chief executive of FTSE listed organisations, including Chloride Group PLC, De La Rue PLC, and UBM PLC, TI Fluid noted.
Shares were up 1.4% at 244.28 pence each on Monday morning in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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