REG - TT Electronics PLC - AGM Trading Update

TT electronicsAnnouncement

09/05/2023 07:15

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RNS Number : 6466Y  TT Electronics PLC  09 May 2023

 

 

9 May 2023

 

TT Electronics plc

 

AGM Trading Update

 

Positive start to the year with full year outlook unchanged

 

TT Electronics plc ("TT", "the Group"), a global provider of engineered
electronics for performance critical applications, publishes the following
trading update on the Group's performance for the four months to the end of
April 2023 (the 'period'), ahead of the AGM taking place later today.

 

Positive start and near full order book coverage

 

Momentum from last year has continued and trading in the year to date has been
encouraging, reflecting the structural growth of TT's end-markets and the
strength of our customer relationships. Group revenue in the period was 16 per
cent higher than the previous year on a constant currency basis.

 

The performance in our Power and Connectivity division is much improved on the
first half of 2022 and our Sensors and Specialist Components and GMS divisions
continue to perform well.

 

As anticipated, the pace of order intake is returning to more normal levels.
The Group's order book remains close to record levels and current year
expected revenues are now almost fully covered by orders.

 

Outlook - full year expectations unchanged

 

Whilst we are cognisant of the continuing global macro-economic uncertainty,
the outlook for our markets remains good. The positive start to the year and
the order book coverage underpins the Board's confidence in an unchanged
outlook for the year. The Board remains focused on executing on the order
book, delivering continued strong profit growth and driving free cashflow.

 

Commenting Richard Tyson, Chief Executive Officer said:

 

"We are pleased that the momentum from last year has continued into 2023, with
the year starting well. The improved performance of our Power and Connectivity
division is particularly notable. Overall, the Group continues to deliver good
growth in revenues and our order book position supports our outlook for the
full year."

 

 

 For further information please contact:

 TT Electronics plc                       Tel: +44 (0)1932 827 779
 Richard Tyson, Chief Executive Officer

 Mark Hoad, Chief Financial Officer

 Kate Moy, Head of Investor Relations and Communications

 MHP                                      Tel: +44 (0)20 3128 8100
 Tim Rowntree / Ollie Hoare

Notes:

 

1.   Constant currency growth is calculated by comparing current year actual
results to prior year results retranslated at current year actual exchange
rates.

2.   TT will announce its half year results on 3 August 2023.

3.   Latest company compiled view of market expectations shows a consensus
adjusted profit before tax of £44.8 million within a range of £41.5 million
to £46.0 million for the year ended December 2023.

 

About TT Electronics

TT Electronics is a global provider of engineered electronics for performance
critical applications.

TT solves electronics challenges for a sustainable world. TT benefits from
enduring megatrends in structurally high-growth markets including healthcare,
aerospace, defence, electrification and automation. TT invests in R&D to
create designed-in products where reliability is mission critical. Products
designed and manufactured include sensors, power management and connectivity
solutions. TT has design and manufacturing facilities in the UK, North
America, Sweden and Asia.

Cautionary statement

This update contains forward-looking statements. These have been made by the
directors in good faith based on the information available to them up to the
time of their approval of this update. The directors can give no assurance
that these expectations will prove to have been correct. Due to the inherent
uncertainties, including both economic and business risk factors underlying
such forward-looking information, actual results may differ materially from
those expressed or implied by these forward-looking statements. The directors
undertake no obligation to update any forward-looking statements whether as a
result of new information, future events or otherwise.

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