Timothy Knutson, the chief financial officer of TI Fluid Systems PLC (LON:TIFS), has served notice to quit.
The announcement coincided with a trading statement in which the manufacturer of highly engineered automotive fluid storage and delivery systems said the results for 2018 will be in line with expectations outlined in its November update.
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The group expects to report revenue of roughly €3.5bn billion. On a constant currency basis, it expects 2018 revenue growth will have exceeded growth in global light vehicle production by about 3.0%.
As anticipated, the 2018 adjusted EBIT (earnings before interest and tax) margin is likely to be broadly in line with 2017 while adjusted free cash flow is now anticipated to exceed expectations as a result of strong cash generation in the second half of 2018.
The group said it remains confident in its ability to outperform global light vehicle production volume growth on a constant currency basis, maintain high margins and generate strong cash flow.
William Kozyra, the chief executive officer of TI, saluted Knutson’s contribution to the company over his more than 10-year tenure at the company.
“During this time, the group achieved record financial performance and successfully completed a variety of critical transactions, including listing on the London Stock Exchange in 2017. As a result, the group is in a very strong financial and competitive position,” Kozyra said.
Shares in TI were up 1.9% at 164p in early deals.