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TI Fluid Systems PLC

TI Fluid Systems plc Soft light vehicle production environment, declined 6.7%

TI Fluid Systems plc (LON:TIFS), a leading global manufacturer of highly engineered automotive fluid storage, carrying and delivery systems for light vehicles issued a trading update for the three months ended 31 March 2019.

Group Results

The Group achieved revenue of €849.8 million in the first quarter, despite a soft light vehicle production environment, which declined 6.7%. On a constant currency basis, revenue decreased by 4.8% year over year and outperformed global light vehicle production by 1.9%.

€m

3 months ended

March 2018

3 months ended

March 2019

% Change

% Change at constant currency

Group Revenue

869.0

849.8

-2.2%

-4.8%

By Region

Europe and Africa

362.3

354.2

-2.3%

-2.1%

Asia Pacific

241.2

242.4

+0.5%

-1.9%

North America

247.6

237.0

-4.3%

-11.6%

Latin America

17.9

16.2

-9.3%

+1.9%

By Segment

Fluid Carrying Systems (“FCS”)

521.0

478.6

-8.2%

-10.8%

Fuel Tank and Delivery Systems (“FTDS”)

348.0

371.2

+6.7%

+4.2%

 

Revenue by Region

In Europe and Africa, revenue decreased 2.1% at constant currency and outperformed light vehicle production volume in that region by 6.1% mainly attributable to favourable mix and tooling revenue in FTDS.

Asia Pacific revenue slightly decreased by 1.9% at constant currency and outperformed light vehicle production volume in that region by 5.6%, primarily due to new business in fuel tanks.

In North America, revenue decreased by 11.6% at constant currency or 9.1% below light vehicle production volume in that region. This was primarily due to lower launch activity compared to the same period in the prior year and mix.

Revenue by Segment

FCS revenue decreased by 10.8% at constant currency and was impacted by the lower launch activity and mix in North America.

FTDS revenue grew 4.2% at constant currency and continued to benefit from new business wins, primarily in Europe and Asia Pacific, as well as related favourable launch timing and tooling revenue.

Outlook

The 2019 outlook for the Group provided in the 2018 full year results announcement remains unchanged.