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Date: Wednesday 27 Aug 2008

LONDON (ShareCast) - First half pre-tax profit fell at car component maker TT Electronics as demand for its products weaken.

Pre-tax profit from continuing operations fell to £15m in the six months ended 30 June 2008 from £16m the year before. The group expects second-half trading conditions to be difficult.

Sales increased by 7.9% to £292m after a good performance at electronics manufacturing services and secure power businesses.

Overall the group believes it has performed well in the first half against a global economic downturn. However economic conditions in the North American automotive market have been "particularly severe...exacerbated by industrial action at a parts supplier which reduced vehicle production," the group said.

A slowdown in demand for automotive sensors in Europe is expected to hit second half earnings, it added.

An interim dividend of 3.69p per share has been recommended, up from 3.69p the same time last year.

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