TI Fluid systems to pay interim dividend; Guides for better EBIT margin

TI Fluid Systems said it was paying a first quarter interim dividend of 6.74 euro cents a share, but not a final payout for 2020 as it forecast adjusted EBIT margin to be “slightly better than expected”.

The group on Monday said it expected to report revenue of approximately €2.8bn for the year to December 31. On a constant currency basis, it guided for 2020 revenue performance to be in line with the decline in global light vehicle production.

Adjusted free cash flow was expected to be 'well ahead' of expectations, with year-end net debt at €0.6bn.

"We have entered 2021 with solid momentum and are encouraged by the sequential recovery in our markets through the second half of 2020," TI Fluid Systems said in a trading statement.

"Whilst the Covid-19 pandemic continues to create areas of uncertainty, we remain confident in the group's ability to outperform global light vehicle production on a constant currency basis, maintain high margins and generate strong cash flow."