HellermannTyton on course to achieve growth for the year

HellermannTyton Group said it remains confident of delivering growth for the full year following a jump in revenue in the first nine months and a solid start to the fourth quarter.

The company, which manufactures and provides high performance cable management solutions, said group revenue in the first nine months of the year was up 17.8% from the same period last year at €519.9m. This was a 10.6% increase at constant currency thanks to a weak euro.

The group said automotive revenue growth remained strong, mainly in the car market in Asia and the Americas, up 16% on a constant currency basis.

Order intake rose 11.5% in constant currency, with good growth in all geographic segments.

The company added that the recommended cash offer of 480p per HellermannTyton share made by Delphi Automotive at the end of July was approved by shareholders at the extraordinary general meeting in October.

The transaction is expected to complete around the end of the year.

“The group expects to continue to benefit from both the increase in global industrial production and the other underlying positive structural growth drivers in our markets and we are continuing with delivering our plans to expand our capacity and footprint.”

At 0825 GMT, shares were up 0.3% at 476.10p.