REG - TT Electronics PLC - FY 22 Post Close Trading Update

TT electronicsAnnouncement

23/02/2023 07:00

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RNS Number : 7709Q  TT Electronics PLC  23 February 2023

 

 

 

23 February 2023

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

 

TT Electronics plc

 

FY 22 Post Close Trading Update

 

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 year ended 31 December 2022.

 

FY22 outcome ahead of expectations

 

Group revenue growth in the final two months of the year continued to be
strong, with organic growth(1) for the year of 20% reflecting our successful
positioning in structural growth markets and new project and customer wins.

 

Adjusted profit before tax for the year is expected to be at or around the top
end of the range of analyst consensus expectations(2) with the outperformance
driven by our Global Manufacturing Solutions (GMS) business.

 

Leverage has reduced back into our 1-2 times target range as expected.

 

We enter 2023 with good momentum, underpinned by a strong order book and will
provide a full update with our Annual Results presentation on 8 March.

 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.   Organic growth is stated at constant currency and is calculated by
comparing current year actual results to prior year results retranslated at
current year actual exchange rates.  Organic revenue excludes the impact of
acquisitions and disposals.

 

2.   Analyst consensus expectations for 2022 adjusted profit before tax are
in a range of £36.5m to £39.4m.

 

3.   TT will announce its full year results on 8 March 2023.

 

 

About TT Electronics

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

The company operates in industries where there are structural growth drivers,
working with market-leading customers primarily in the industrial, medical,
aerospace and defence sectors. Products designed and manufactured include
sensors, power management devices and connectivity solutions. TT has design
and manufacturing facilities in the UK, US, Sweden and Asia.

The company has three divisions. The Power and Connectivity division designs
and manufactures power application products and connectivity devices which
enable the capture and wireless transfer of data. We collaborate with our
customers to develop innovative solutions to optimise their electronic
systems. The Global Manufacturing Solutions division provides manufacturing
services and engineering solutions for our product divisions and to customers
that often require a lower volume and higher mix of different products. We
manufacture complex integrated product assemblies for our customers and
provide engineering services including designing testing solutions and
value-engineering. The Sensors and Specialist Components division works with
customers to develop standard and customised solutions including sensors and
power management devices. Our solutions improve the precision, speed and
reliability of critical aspects of our customers' applications.

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.

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom
by virtue of the European Union (Withdrawal) Act 2018, as amended (together,
"MAR"). Upon the publication of this announcement, this inside information is
now considered to be in the public domain.  The person responsible for
arranging the release of this announcement on behalf of TT Electronics is Mark
Hoad, Chief Financial Officer.

 

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