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.