LONDON (ShareCast) - (Sharecast News) - Automotive fluid systems manufacturer TI Fluid Systems said on Tuesday that full-year revenues and operating profits had improved year-on-year in 2021 as it managed to successfully navigate yet another "volatile year".
TI Fluid Systems said full-year revenues were up 5.6% at constant currency rates to €2.95bn, which, when coupled with a more than percentage point improvement in its margin from -6.3% to 4.3%, helped raise adjusted underlying earnings from a reported loss of €176.3m to a profit of €126.8m.

The FTSE 250-listed firm reported earnings per share of EUR 2.76 cents, a marked improvement on the prior year's loss of EUR 48.88 cents, and declared a dividend of EUR 3.39 cents, down from 2020's EUR 6.74 cent payment.

TI Fluid also reported adjusted free cash flow generation of €117.3m and net cash generated from operating activities of €215.1m, helping the group end the year with a strong balance sheet and a cash position of €499.1m.

Chief executive Hans Dieltjens said: "I am happy to report a strong performance in 2021 despite the ongoing impact of the Covid-19 pandemic. Our results, achieved in the face of lower production volumes, global supply disruptions, labour shortages, rising costs, and volatile customer orders, demonstrate the resilience of our business and our ability to successfully manage through difficult market conditions.

"Notwithstanding these headwinds, the group continued to deliver market outperformance, improved profit and positive cash flow. Our balance sheet, liquidity and cash position remain strong and our successful refinancing earlier in the year has created a more balanced debt portfolio and reduced interest costs."

Looking forward, TI Fluid noted that while annual global light vehicle production volumes were forecast to return to pre-Covid levels by the end of 2023, it anticipates that industry production volumes will remain "uncertain and volatile" in the near term given geopolitical conflicts and the macro-economic environment.

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