TT is already benefiting from its Aero Stanrew deal

However, it's not always possible to reconcile these dual aims, at least not during the initial 'house-keeping' phase. So while TT benefited from a £2m inflow from inventory reduction at the half-year mark, there were also increased costs linked to the restructuring programmes and working capital commitments. As a consequence, free cash flow remains in negative territory, but it should be remembered that management is still perfectly willing to allocate capital "in markets with structural growth drivers".

It may take another 18 months or so to get a real appreciation of where Mr Tyson's self-help measures are taking the group, but shareholders can take some encouragement from a 24 per cent rise in adjusted operating profits at constant currencies.

This improvement was largely attributable to a return to profitability for the transportation sensing and control business, which was helped by the ongoing cost reductions, as well as a maiden contribution from Aero Stanrew, a manufacturer of electromagnetic components, which was acquired at the tail-end of last year.

Prior to these figures, Numis gave profits of £22.8m for the December year-end, giving rise to EPS of 10.3p, against £19.2m and 8.8p in 2015.