TI Fluid Systems, the maker of brake and fuel lines and plastic fuel tank systems, has delivered a solid set of full year results after floating in October and joining the FTSE 250 not long after.
Revenue for the Michigan-based company of 3.49bn in the calendar year was up 4.2% on the previous year or 5.4% at constant currency rates, ahead of global light vehicle production volume, which was up 2.1% as all markets except North America increased.

TI, which traces its origins to Detroit in 1922 as a supplier of fuel lines for the Model T Ford, increased adjusted earnings before interest and tax 5.9% to 384m, EBIT margin slightly improved at 11.0%. The initial public offer in October, which saw private equity group Bain Capital float 35% of the company's shares, led to 38m of costs.

Adjusted basic earnings per share of 26.2 euro cents was up from 14.27 cents and with some of the 119m of adjusted free cash flow used to pay off debt, with the board proposed a final dividend of 1.31 euro cents per share.

Using proceeds of the IPO and positive free cash flow, 363.6m of US dollar debt was repaid to trim net debt to 891.1m and the leverage ratio to 1.8 times adjusted EBITDA.

Chief executive officer William L. Kozyra felt it was a "solid" performance for revenue, profitability and cash flow generation.

He has been positioning the business to take advantage of automotive 'megatrends' such as reducing harmful emissions and improving fuel economy. TI also expects growth of hybrid electric vehicles, electric vehicles and autonomous vehicles will be positive for the group.

"As promised during the IPO, our dedicated team has continued to strengthen our global position by driving new technologies and products and enhancing our outstanding relationships with customers throughout the world," he said.

He added: "The group's strategy of organic revenue growth, financial performance and focus on automotive megatrends remains at the core of the business. We look forward to executing our plan and delivering attractive returns as a public company."

Related share prices
TI Fluid Systems (TIFS) share price