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TI Fluid eyes electric vehicle opportunity as currencies put brake on sales

Light vehicle production is key to TI’s performance

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TI is adapting to EV growth

TI Fluid Systems PLC (LON:TIFS) shares perked up on hopes for rising orders in the burgeoning electric vehicle market.

Interim profits were 5% higher at £124mln, on flat sales of £1.77bn.

Light vehicle production key to TI's performance​

Foreign exchange movements hampered first-half sales, which rose by 4.5% on a constant currency basis and were again better than the overall light vehicle (cards and vans) market.

Originally a fuel tank specialist, TI is working with two hybrid and electric car makers on contracts worth potentially €700mln.

Light vehicle production is key to TI’s performance. Output overall 1.7% to 48.2mln vehicles in the first half of 2018 with growth everywhere bar North America.

The interim dividend was €3.02.

Shares rose 6% to 266p. TI listed in London at 255p last October.

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