Surrey-based TT Electronics, which develops innovative solutions and technologies for the transportation, industrial, aerospace, defence and medical markets, has reported a loss in the first half of its financial year due to exceptional costs of more than £12 million.

However, the Weybridge company said that its turnover increased to £261.1 million in the six months to 30 June, up from £261 million for the same period of last year.

TT Electronics, which acquired Roxspur Measurement & Control in July, said growth had been mainly driven by trading in the sensing and control and the integrated manufacturing services divisions. It said that “order momentum” in the first half was “very positive” and will provide confidence for the second half.

Richard Tyson, who joined TT Electronics as group chief executive on 1 July, said: “Over the coming months, my focus will be on familiarising myself with our operations, validating our business plans, focusing on our customers and new products, and progressing the implementation of our operational improvement plan.”

Chairman Sean Watson said: “The group has reported a first-half performance in line with expectations, supported by a positive trading performance and improved operating efficiencies.”