REG - TT Electronics PLC - Half-year Report
24/09/2025 07:00
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RNS Number : 5240A TT Electronics PLC 24 September 2025
2025 Interim Results, 24 September 2025
TT Electronics plc
Results for the half-year ended 30 June 2025
For further information, please contact:
TT Electronics
Eric Lakin, Chief Executive Officer
Richard Webb, Interim Chief Financial Officer
Kate Moy, Head of Investor
Relations
Tel: +44 (0)1932 827 779
MHP
Tim Rowntree / Ollie Hoare
Tel: +44 (0) 7817 458804
A management presentation for analysts and investors will be held today at
08.30 at Berenberg's offices at 60 Threadneedle Street, London and a webcast
can be accessed at:
https://stream.brrmedia.co.uk/broadcast/686fd7aec36b2d0013a249ea
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A recording of the presentation and Q&A session will be available on the
website later in the day.
A PDF of this half year announcement is available for download from
https://www.ttelectronics.com/investors/results-reports-presentations/
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Significant progress on operational turnaround
TT Electronics plc ("TT, "the Group"), a global engineer and manufacturer of
electronic solutions for critical applications, today announces its interim
results for the six months ended 30 June 2025 (the "Period").
Summary
· Good European performance, driven by strong growth in Aerospace &
Defence, offset by challenges in North America and order delays for our Asian
business
· Closure of the Plano site underway and Cleveland turnaround
progressing well
· Strategic review of components business under separate management
oversight
· Net debt continues to reduce with strong cash conversion at 135%
· Eric Lakin appointed CEO
£m (unless otherwise stated) H1 2025 H1 2024 Change
Group restated5 organic(1)
Adjusted Results(1,4)
Revenue (organic)(1) 237.9 253.1 (6.0)%
Operating profit (organic)(1) 13.0 18.5 (29.7)%
Operating margin 5.5% 7.3% (180)bps
Cash conversion 135% 35%
Profit before tax 8.5 13.8 (38.4)%
Basic earnings per share 1.9p 5.4p (64.2)%
Statutory Results
Revenue 237.9 273.3
Operating (loss)/profit (5.1) 11.9
(Loss)/profit before tax (9.6) 6.7
Net cash generated from operations 20.0 7.9
Basic earnings per share (5.8)p 1.6p
Dividend per share - 2.25p
Other KPIs
Free cash flow(1) 6.4 (7.8)
Return on invested capital 10.0%(3) 10.0%2
Net debt (excl lease liabilities) 73.3 80.12
Leverage(1) 1.9x 1.8x2
Eric Lakin, Chief Executive Officer, said:
"Our European region continues to perform well, driven by strong Aerospace
& Defence markets and our positioning on long term programmes. Overall
progress has been offset by the two site specific challenges in North America,
at Cleveland and Plano, and order delays for our Asian business due to
geopolitical related uncertainties.
We have implemented two important strategic actions to improve our future
financial performance. We have made the difficult decision to close our Plano
site and have launched a strategic review of our components business. Our
Cleveland improvement plan is on track and delivering improved performance.
These improvement actions in North America, further progress in Europe and a
resilient contribution from Asia are expected to underpin the step up in
second half profitability. The Board therefore expects full year adjusted
operating profit to be in line with market expectations(6)."
Financial Summary
· Mixed H1 performance with revenue down 6.0% organically (down 4.3% if
excluding Plano site)
· Adjusted operating margin of 5.5%(1)
· Statutory operating loss £5.1 million, after £18.1 million of
adjusting items predominantly relating to the Plano site closure and Cleveland
restructuring
· Statutory basic EPS of (5.8)p
· H1 book to bill of 98%, with strong European performance and
stabilisation in North America, offset by moderated demand into Asia
Operational turnaround
· Components business strategic review
o Decision to close the Plano site by the end of 2025
o Managed separately for enhanced focus and oversight
· Cleveland turnaround progressing to plan, productivity improving
through the half
o Site leadership team at full strength
o Implementing multiple revenue, margin and cash improvement initiatives
· Inventory management programme delivered a further £5.2 million
underlying reduction in the half
· Short term focus on delivering the required operational turnaround
with further detail on medium-term strategic direction to be shared in the new
year
Notes
1. Throughout this announcement we refer to a number of alternative
performance measures which provide additional useful information. Organic
revenue and organic operating profit are revenue and adjusted operating profit
on a constant currency basis and excluding the impacts of business disposals,
see APM2 on page 41. The Directors have adopted these measures to provide
additional information on the underlying trends, performance and position of
the Group with further details set out in note 2c on page 26. The adjusted
measures are set out in the reconciliation of KPIs and non IFRS measures on
pages 37 to 44.
2. As at 31 December 2024
3. Calculated for the 12 months to June 2025
4. Excludes the impact of Project Albert, the divestment of our
business units in Cardiff and Hartlepool, UK and Dongguan, China which
completed at the end of Q1 2024
5. H1 2024 results have been restated as described in note 1f. As
disclosed in the 2024 Annual Report, certain balances in North America were
identified as representing material errors in the 2023 Financial Statements
and the opening balances in 2024. This resulted in material errors consistent
in nature as at 30 June 2024 requiring prior period restatement
6. Consensus for 2025 adjusted operating profit is £33.7 million in a
range £31.6million to £35.6million.
About TT Electronics
TT Electronics is a global provider of engineered electronics for performance
critical applications.
TT engineers and manufactures electronic solutions enabling a safer, healthier
and more sustainable world. TT benefits from enduring megatrends in
structurally high-growth markets including Healthcare, Aerospace, Defence,
Automation and Electrification. 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, and Asia.
CHIEF EXECUTIVE OFFICER'S REVIEW
Introduction
In the first half of the year, we report strong profit growth in Europe offset
by the challenges in our North American region and order delays for our Asian
business. On an organic basis revenue was down 6.0 per cent as growth in
Europe, driven by strong Aerospace & Defence markets, was more than offset
by ongoing softness in Healthcare and Automation & Electrification markets
in North America and Asia. Excluding the revenue of the Plano site which will
be closed in the second half, revenue was down 4.3 per cent. Statutory revenue
was down 13.0 per cent.
Adjusted operating margin of 5.5 per cent was down 180 basis points on an
organic basis. Within the regions, Europe delivered a further strong organic
performance with margins up 330 basis points, the North American performance
reflects the trading losses at Plano and Cleveland.
During the first half, we moved quickly to address the two greatest areas of
challenge within the Group, by launching a strategic review of the components
business and the engagement of external consultants to investigate and improve
the ongoing poor performance in our manufacturing business at Cleveland, Ohio.
Resolution of the issues here will put the Group on a more stable operational
and financial footing.
The downturn in the components market and the associated impact on our
dedicated manufacturing facilities servicing that market, mostly in North
America, has highlighted the operating leverage impact of our component sites.
Accordingly, in April, the Board launched a strategic review of this business
to assess all options in respect of the four locations servicing this market.
In late June we took the difficult decision to close our components site in
Plano which has been running at an annual loss of c. £6 million. Production
will cease and we expect to close the site by the end of 2025. The costs of
closure in the first half, including severance costs and inventory
write-downs, are £6.7 million and are reported in items excluded from
adjusted operating profit; the cash cost of the closure is expected to be c£4
million, of which £2-3 million will be incurred in the second half. To enable
maximum focus in this ongoing review, our components business now has separate
management oversight.
In April the Board also deployed specialist external resources and capability
into our Cleveland manufacturing facility, which provides Electronic
Manufacturing Services (EMS) to OEM customers. This aims to accelerate the
required turnaround programme and enhance the effectiveness and predictability
of day-to-day operations. Furthermore, we have concluded a comprehensive
balance sheet review at the site, resulting in a largely non-cash
restructuring charge of £5.7 million which is predominantly related to
inventory and is reported in items excluded from adjusted operating profit in
the first half. We have made progress in improving productivity during this
period. The specialist external resource project work has now concluded and
Cleveland now has a full site leadership team in place. We have also
implemented further cost-saving measures and have identified additional
opportunities for pricing, working capital and procurement savings.
In terms of our first half end market performance, there was strong growth in
Aerospace and Defence (A&D), up 12 per cent organically. As expected,
revenues from distribution, which is the main route to market for our
components business, reduced by 17 per cent organically. Healthcare revenues
were down 6 per cent organically in the first half as US research grants to
the sector and funding reduced, consistent with wider market trends.
Automation & Electrification was down 14 per cent reflecting tough
industrial markets for some of our products.
Order intake in the half year broadly tracked revenue, with book to bill at 98
per cent. Order intake was comfortably ahead of revenue in the first half in
Europe, and the region is on track for a year of record order intake given its
exposure to the A&D end market. This strong performance was offset by end
market weakness for certain customers across the Healthcare and Automation
& Electrification sectors in our Asia business and stabilisation in North
America.
Going forwards, Project Dynamo has evolved to be an internal driver of
improved performance, with areas of near-term focus including further SG&A
reductions, inventory management, driving an efficient cost of production and
improving commercial pricing where necessary.
Our focus on building close customer relationships and collaborating on
design-led solutions often leads to us being designed in for the life of the
product, often spanning decades. As well as several new business contracts
secured in the half year, we secured significant awards for next phase
programmes and programme variants with our long-standing customers that
demonstrate performance, trust and long term collaboration. Furthermore, we
believe we are well placed, with our proven global manufacturing footprint in
the United States, Mexico and Malaysia to support regionalisation/localised
supply chain trends, especially in healthcare and life sciences.
Results and operations
Group revenue for the period was £237.9 million, down 6.0 per cent on an
organic basis. Group adjusted operating profit for the period was £13.0
million, 29.7 per cent lower than the prior period on an organic basis.
The adjusted operating margin in the first half was 5.5 per cent (H1 2024
restated: 7.3 per cent), down on an organic basis, with an improvement in
Europe offset by reductions in North America and Asia. We expect to deliver
margin improvement in the second half given our anticipation of reduced North
American losses as part of the turnaround plan. After the impact of adjusting
items of £18.1 million, which includes restructuring costs of £13.8 million
and pension restructuring costs of £3.0 million, the Group's half year
statutory operating loss was £5.1 million (H1 2024 restated: £11.9 million
profit) and operating margin was (2.1) per cent (H1 2024 restated: 4.4 per
cent).
The reported operating profit for H1 2024 has been restated by £(3.2) million
as described in note 2f; and as disclosed in the 2024 Annual Report, certain
balances in North America were identified as representing material errors in
the 2023 Financial Statements and therefore the opening balances in 2024. This
resulted in consistent material errors as at 30 June 2024 which required prior
period restatement.
Adjusted operating cash inflow post capital expenditure during the period was
£17.6 million (H1 2024: £6.6 million). Cash conversion was significantly
higher than H1 2024 at 135 per cent (H1 2024: 35 per cent) driven by inventory
reductions of £5.2 million, partially offset by a decrease in payables,
resulting in a net working capital inflow of £0.9 million (H1 2024 restated:
£18.1 million outflow). On a statutory basis, cash flow from operating
activities was an inflow of £16.4 million (H1 2024: £3.4 million inflow).
Free Cash Flow was £6.4 million (H1 2024: £7.8 million outflow).
Following the buy-in of the UK defined benefit scheme in November 2022, the
scheme is de-risked with the scheme liabilities matched by the buy-in
insurance policy and no further contributions have been made to the scheme.
There was a surplus of £10.5 million at 30 June 2025 (Dec 2024: £7.1 million
surplus), following the gross return of £5.0 million to TT in December 2023
and a £15.0 million gross return in December 2024. Workstreams to finalise
all details of the buy-in and transfer all scheme data to Legal and General
are well progressed and the notice to trigger wind up of the scheme was issued
on 31 March 2025. We continue to move towards buy-out which we anticipate
completing in 2026 after which we can conclude the wind up of the scheme.
At 30 June 2025 net debt was £87.7 million (31 December 2024: £97.4
million), which included lease liabilities of £14.4 million (31 December
2024: £17.3 million). Excluding lease liabilities, net debt was £73.3
million (31 December 2024: £80.1 million). Leverage slightly increased to
1.9x (31 December 2024: 1.8x). We expect leverage to reduce slightly by the
end of the year.
Dividend
Given continued uncertainty over the macro-economic environment and associated
business risks, the Board has concluded that it is prudent to continue the
pause on the dividend and will not be paying an interim dividend for 2025.
Going concern
In determining the appropriate basis of preparation of the interim financial
statement, the Directors are required to consider whether the Group can
continue in operational existence for the foreseeable future.
After making enquiries and having considered forecasts and appropriate
sensitivities, the Directors have established that in a base case and downside
stress test scenario, there is a reasonable expectation that the Group would
remain compliant with covenants and has adequate resources to continue in
operational existence for the period to 30 June 2026. Accordingly, the
accounts have been prepared on a going concern basis.
As noted in the 2024 Annual Report, there have been significant emerging
geopolitical and macroeconomic developments including trade tariffs. While
tensions have begun to ease following a willingness of governments, to
negotiate trade agreements, these recent events continue to be fast moving
with a range of potential outcomes. The outcomes remain uncertain and any
resulting economic volatility may have an impact beyond that assumed in the
downside stress test scenario. Even in this circumstance, the Company would
seek to negotiate an adjustment to its covenants. These matters represent a
material uncertainty which may cast doubt upon the Group's ability to continue
as a going concern for at least twelve months from the date of signing the
interim results. The interim financial statements do not contain the
adjustments that would result if the Group and Company were unable to continue
as a going concern.
More information on the going concern judgement can be found on page 19.
OUR PRIORITIES
In the short term, our immediate focus continues to be on disciplined
execution in the fixing of operational issues at Cleveland, Ohio and closing
our Plano, Texas site which will improve returns. We are focused on control
and efficiencies in production costs and inventory management. Where markets
are soft, or there are delays in customer decisions, in part due to tariff
uncertainty, we are relentlessly focused on our customers' needs and order
intake. Free cashflow generation and debt reduction remain key priorities.
As part of the re-set for a focus on high-performance, we reshaped an
Executive Committee to empower our regional leaders; providing better clarity
of ownership, accountability and lines of responsibility.
The newly appointed CEO has started to evaluate the Group's medium- term
strategic priorities and enablers and we will provide a further update on
these initiatives with the FY25 results. The process to appoint a permanent
CFO is ongoing.
Our overall mission is to be a leading and respected engineering and
manufacturing power electronics partner of choice in our core markets of
Aerospace & Defence, Healthcare and Automation & Electrification. We
do this through:
· Relentless focus on efficiency, productivity and agility,
particularly in our EMS business
· Promoting innovation, design, product, engineering and manufacturing
expertise with proprietary know-how and technology
· Our components business has traditionally delivered strong cash flow
generation and added scale to the Group. We continue to evaluate the role the
remaining portfolio of components businesses fulfil in the Group's strategy.
TECHNOLOGY
We have established a Group-wide Engineering function and product and
technology roadmaps at all sites to effectively leverage and capitalise on
TT's engineering expertise across all regions, in recent years.
Our organic investment in R&D and capital equipment to drive
differentiation in our offer to customers, has firmly embedded us as valued
and trusted partners on long term programmes. This expenditure totalled £18.2
million in 2024 and in the first half of 2025 we invested £8.3 million (H1
2024: £9.2 million), including £5.2 million (H1 2024: £6.1 million) in
R&D spend, representing 4.1 per cent (H1 2024: 4.6 per cent) of the
aggregate product revenues.
An example showcasing how our engineering led approach, working closely with
business development, can deliver new revenue streams is in Europe where we
currently provide build-to-print power modules for critical applications on
silicon-based devices used in aerospace applications. Silicon Carbide (SiC),
including silver sintering technology, represents the next-generation
technology enabling higher temperature, faster switching potential and high
reliability within a small, power-dense package.
We are currently investing in a baseline module allowing TT to supply
low-volume, customisable products focused on Aerospace and Defence platforms
where sintered power modules are rapidly gaining traction given their superior
reliability and thermal performance.
From a technology standpoint, our investment in the silver sintering process
will create opportunities to develop new products for existing customers and
other TT sites who currently purchase power modules, increasing the potential
for vertical integration across the business.
Our global sales and business development structure enables us to sell all of
TT's technology, engineering and manufacturing services to our global customer
base.
Closer collaboration between the regions is driving improvements across the
business as we bring engineering skills and product experience from across the
teams together and subsequently place contracts in the most effective location
for production. For example, we are already supplying certain customers and
programmes from multiple locations, and we continue to consider, where
appropriate, transfers of production to our most cost-effective locations;
this is currently under consideration for our cable and harness assemblies.
EFFICIENCY
Boosting productivity and reducing costs
Our short-term focus continues to be on improving operational efficiency at a
small number of predominantly North American sites.
In Kansas City, our operational improvement plan has achieved positive results
following factory layout improvements which facilitated increases in
throughput on affected production lines. Given the strength of the order book
here, we have seen a significant step up in the productivity of the
engineering team in 2025 and improved efficiency, which is underpinning the
improved results. Encouragingly, we have recently received confirmation of a
significant award with a long-standing customer, one of the world's largest
suppliers of Aerospace and Defence products, for the development, manufacture
and test of a critical Power Delivery Subsystem on a defence programme.
The Cleveland improvement plan is well underway. The site leadership team is
now at full strength, with key workstreams of cost reduction, a thorough
overhaul of demand, production & resource planning and inventory control
all in train. Adding short term specialist resource helped identify
opportunities to improve process yield, reduce the costs of re-work, and
ensure we are paid for the costs of executing customer requested design
changes. This externally resourced project has now concluded, and the site
leadership team has full ownership for the workstreams.
Following a detailed review, and as previously announced, the Board has taken
decisive action to close our components site in Plano, which is expected by
the end of the year. We are supporting customers, employees and suppliers
during the closure process.
Inventory management
Inventory levels in the business increased over recent years. The appointment
of a Group Lead focused on inventory has continued to ensure appropriate
management attention is applied to inventory outcomes across all group
locations. This role, supported by a small expert team with a regional
presence, focuses on improving the underlying processes and master data
management.
In the first half of 2025 we have reduced underlying net inventory levels by a
further £5.2 million and expect to deliver further reductions in the second
half. We are on track to deliver our target of a £15 million reduction in net
inventory levels by the end of 2026.
ENVIRONMENT
We are actively reducing our operational carbon footprint through several
initiatives including equipment upgrades and the second phase of our solar
installation at Suzhou scheduled for completion in the second half. We are
also working with a third-party partner to plan the purchase of unbundled
Renewable Energy Certificates (RECs) for TT Electronics sites where on-site
renewable generation or direct renewable electricity procurement is not
feasible.
REGIONAL REVIEW
EUROPE
H1 2025 H1 2024 Change
Revenue (organic) (1) £68.5m £65.3m 5%
Revenue £68.5m £77.1m (11)%
Adjusted operating profit (organic)(1) £10.7m £8.0m 34%
Adjusted operating profit £10.7m £7.5m 43%
Adjusted operating margin (organic)(1) 15.6% 12.3% 330bps
( )
(1 )See note 2c on page 26 for an explanation of alternative performance
measures, and APM2 on page 41 in relation to 'organic' measures which present
revenue and adjusted profit on a constant currency basis, excluding the
impacts of business disposals and adjusting items. Adjusting items are not
allocated to divisions for reporting purposes. For further discussion of
these items please refer to note 4 on page 31 of this document.
Organic revenue was 5 per cent higher at £68.5 million (H1 2024: £65.3
million) driven mainly by increased demand from our positioning on long term
programmes in the Aerospace and Defence end market and a focus on pricing
discipline. Reported revenue was £8.6 million lower than H1 last year,
reflecting the movements above, more than offset by the £11.8 million impact
of the Q1 2024 disposal of sites in Cardiff and Hartlepool.
Organic operating profit increased by £2.7 million to £10.7 million (H1
2024: £8.0 million) driven by operational leverage on the organic revenue
growth and focussed cost control. Adjusted operating margin increased to 15.6
per cent (H1 2024: 12.3 per cent).
Overall order intake for the region was pleasingly strong, with book to bill
well over 100% and we expect continued growth in the second half of the year.
Contract awards and growth drivers during the period, giving us confidence
as we look forward, include:
· TT has won a new contract from an existing A&D customer for
human-machine-interface assemblies supporting a European combat vehicle. The
5-year contract builds on our existing customer relationship and reflect TT's
expanding role as a trusted supplier of mission-critical electronic systems in
support of national and allied defence priorities.
· We have recently been awarded a significant new contract with
long-standing customer Ultra PCS Ltd (Ultra Precision Control Systems) to
manufacture highly complex, military-grade cable harness assemblies at our
facility in Fairford, UK, for Ultra PCS Ltd's advanced engine ice protection
systems, which are integral to the operation of modern combat aircraft.
This new contract strengthens the long-standing, 35-year relationship between
the two companies and underscores our pivotal role as a preferred and trusted
supplier in the Aerospace and Defence markets.
· Continuing our strong, long-standing partnership with a large
European Aerospace & Defence prime we have recently announced a sizeable
contract to supply military grade cable harness assemblies for a critical
defence programme. This new contract award leverages TT's exceptional
capabilities and proven track record of supporting critical defence
applications worldwide.
NORTH AMERICA
H1 2025 H1 2024 Change
restated(2)
Revenue (organic) (1) £83.2m £92.7m (10)%
Revenue £83.2m £94.4m (12)%
Adjusted operating profit (organic)(1) £(5.0)m £1.3m (485)%
Adjusted operating profit £(5.0)m £1.6m (413)%
Adjusted operating margin (organic)(1) (6.0)% 1.4% (740)bps
(1 )See note 2c on page 26 for an explanation of alternative performance
measures, and APM2 on page 41 in relation to 'organic' measures which present
revenue and adjusted profit on a constant currency basis, excluding the
impacts of business disposals and adjusting items. Adjusting items are not
allocated to divisions for reporting purposes. For further discussion of
these items please refer to note 4 on page 31 of this document.
(2)H1 2024 results have been restated as described in note 2f. As disclosed in
the 2024 Annual Report, certain balances in North America were identified as
representing material errors in the 2023 Financial Statements and therefore
the opening balances in 2024. This resulted in material errors consistent in
nature as at 30 June 2024 which required prior period restatement.
Note: No divestment impact here
Organic revenue reduced by £9.5 million to £83.2 million (H1 2024: £92.7
million) predominantly reflecting significant volume headwinds in our
components business including our Plano site. Reported revenue was £11.2
million lower than H1 last year, reflecting the movements above and foreign
exchange headwinds of £1.7 million.
Organic operating profit decreased by £6.3 million to a £5.0 million loss
(H1 2024 restated: £1.3 million profit). The adjusted, organic operating
profit margin was (6.0) per cent (H1 2024 restated: 1.4 per cent) reflecting
an improved performance in Kansas, more than offset by the impact of volume
declines in the components business and losses at our components site in Plano
and our EMS site at Cleveland.
We are pleased to report that the first half Kansas City performance reflects
a significant step up in the productivity of its engineering team and some
positive re-pricing. Furthermore, engineers at this site are now collaborating
on joint pipeline reviews with other regional sites to allocate workstreams
between sites depending on capabilities.
Our Cleveland site leadership team is now up to full strength and progressing
through key improvement workstreams of contract profitability, operational
efficiency including a thorough overhaul of demand, production and resource
planning. Encouragingly, production efficiency levels at the site are
significantly improved, the need for re-work and scrap levels are reducing,
headcount savings are contributing. As noted previously, the full benefits of
the improvement plan are expected to be realised over the longer term, driven
by the need for increased manufacturing volumes.
With the planned closure of Plano in the second half together with the
benefits of the last time buy and the contribution from the Cleveland
improvement plan, the region is expected to show a return to profit in the
second half, though will still be loss-making for the year as a whole.
At the time of our FY24 results, in April 2025, we reported prior year
adjustments in relation to our 2023 North American results. This principally
related to our Cleveland site where we identified issues in relation to the
recoverability of certain assets recognised in prior periods at this site in
North America. In response to this, we have strengthened the local and
regional finance teams and addressed the associated control deficiencies.
We are pleased to have had recent new customer wins across the region; notable
wins and growth drivers in the period include the following:
· A customer in the commercial satellite sector selected our Juarez
facility for high-reliability optoelectronics that will be used in a low earth
orbit communication/navigation satellite. This win reflects the importance of
distributor relationships with customers, as it enabled TT to secure the new
project at an early phase where our components will be designed in.
· Our Minneapolis facility was awarded a new contract from an existing
customer to provide in-seat flight magnetics for commercial aircraft. The
one-year contract builds on our track record of success providing value-added
assemblies with this customer.
· TT's Mexicali facility was awarded a new contract for box-build
assemblies for a customer providing innovative, digital power distribution
systems. This latest award reflects confidence in TT's ability to support this
account globally, leveraging best-cost-geographies and extends over 5 years.
ASIA
H1 2025 H1 2024 Change
Revenue (organic) (1) £86.2m £95.1m (9)%
Revenue £86.2m £101.8m (15)%
Adjusted operating profit (organic)(1) £11.4m £13.2m (14)%
Adjusted operating profit £11.4m £14.0m (19)%
Adjusted operating margin (organic)(1) 13.2% 13.9% (70)bps
( )
(1 )See note 2c on page 26 for an explanation of alternative performance
measures, and APM2 on page 41 in relation to 'organic' measures which present
revenue and adjusted profit on a constant currency basis, excluding the
impacts of business disposals and adjusting items. Adjusting items are not
allocated to divisions for reporting purposes. For further discussion of
these items please refer to note 4 on page 31 of this document.
Organic revenue was down 9 per cent to £86.2 million (H1 2024: £95.1
million) reflecting some end market weakness for certain customers across the
Healthcare and Automation & Electrification sectors. Customer
uncertainty around tariffs continues. Reported revenue was £15.6 million
lower than H1 last year, reflecting the movements above, foreign exchange
headwinds of £2.4 million and the £4.4 million impact of the Q1 2024
disposal of the Dongguan, China facility.
Adjusted operating profit was £2.6 million lower at £11.4 million (H1 2024:
£14.0 million) from the impact of the volume reductions, foreign exchange
headwinds of £0.5 million and the £0.3 million impact of the Q1 2024
business disposal, representing an organic decline of 14%. The adjusted
operating profit margin was marginally lower at 13.2 per cent (H1 2024: 13.9
per cent).
The process of increasing further our capacity within our Malaysian facility,
in Kuantan, to prepare for the shift in customer demand and transfer of
programmes from other sites is nearing its final stages. The transfer of work,
together with associated one-off costs and a production hiatus while safety
stock is consumed, will occur over the remainder of 2025 with revenue being
delivered from Malaysia from 2026.
Order intake in the year was lower than the prior year as a result of order
delays due to geopolitical related uncertainties. There is a constant focus on
growing our Asia for Asia revenues with recent momentum wins supporting global
medical and life science OEMs with robust local production capabilities in
Suzhou.
There have been a number of key developments during the first half of the year
including:
· Our Kuantan facility was awarded three new contracts for PCBA
requirements from a long-standing customer in the life science sector. TT
already provides manufacturing for this customer at locations in Suzhou,
Cleveland, and most recently, Mexicali. The customer's selection of this
location and entrusting TT is a testament to the partnership and proven
performance of TT teams globally.
· TT Suzhou has been awarded a new 3-year contract by a leading medical
imaging equipment provider. The award will see Suzhou provide multiple PCBAs
supporting a new product design, demonstrating our success in developing deep
customer relationships - enabling us to secure positions on new, medical
equipment innovations.
· A longtime customer in the industrial label and printing sector has
awarded TT Kuantan a 3-year contract for PCBA and sub-assemblies supporting
the textile industry. The order reflects our ability to support this strategic
account globally with prototype and NPI capabilities, while leveraging
best-cost geographies.
Outlook
In the first half of 2025 we have implemented two important strategic actions
to improve our future financial performance. We have made the difficult
decision to close our Plano site and have launched a strategic review of our
components business. Our Cleveland improvement plan is on track and delivering
improved performance.
These improvement actions in North America, further progress in Europe and a
resilient contribution from Asia are expected to underpin the step up in
second half profitability. The Board therefore expects full year adjusted
operating profit to be in line with market expectations.
OTHER FINANCIAL INFORMATION
Group revenue of £237.9 million (H1 2024 restated: £273.3 million) reflected
currency headwinds in the period compared to H1 last year of £4.1 million,
and the impact of the divestment of our business units in Cardiff and
Hartlepool, UK and Dongguan, China which reduced revenue by £16.1 million.
Excluding the impact of currency and the divestment organic revenue was 6.0
per cent lower than in the same period last year.
The Group reported an adjusted operating profit of £13.0 million (H1 2024
restated: £19.0 million). Currency headwinds in the period compared to H1
last year were £0.7 million, and the impact of the divestment of our business
units in Cardiff and Hartlepool, UK and Dongguan, China increased operating
profit by £0.2 million.
Statutory operating loss for the period was £5.1 million (H1 2024 restated:
£11.9 million profit) after a charge of £18.1 million (H1 2024: £7.1
million) for items excluded from adjusted operating profit including:
· Acquisition and disposal related costs of £1.3 million (H1 2024:
£6.3 million including £4.9 million relating to the Project Albert
divestment), comprising amortisation of acquired intangible assets.
· Pension restructuring costs of £3.0 million (H1 2024: £0.8 million)
relate to buy in costs and all anticipated future costs post issuing the
notice to trigger wind up.
· Charges associated with management change of £1.4 million (H1 2024:
£ nil) reflecting duplicate costs in the period for senior management
transition.
· Other restructuring costs at Cleveland of £5.7 million (H1 2024: £
nil) including the costs of the specialist resource and inventory write down.
· Plano closure costs of £6.7 million (H1 2024: £ nil) including
inventory write down.
The Group generated an adjusted operating margin of 5.5 per cent (H1 2024
restated: 7.0 per cent) with the decrease as a result of the significant
headwinds faced in our North American components business and Cleveland site
challenges.
The net finance cost reduced to £4.5 million (H1 2024: £5.2 million) due to
lower interest rates and lower debt levels. The Group's overall tax charge was
£0.7 million (H1 2024 restated: £3.9 million). The tax charge on adjusted
profit before tax was £5.1 million (H1 2024: £4.3 million), resulting in an
effective adjusted tax rate of 60.0 per cent (H1 2024: 31.2 per cent), this
higher than usual rate is due to losses within the North America region and
the inability to currently recognise a deferred tax asset in respect of those
losses.
Basic earnings per share (EPS) decreased to a loss of 5.8 pence (H1 2024
restated: 1.6 pence). Adjusted EPS reduced to 1.9 pence (H1 2024 restated: 5.4
pence), reflecting the reduction in adjusted operating profit.
Adjusted operating cash flow post capital expenditure was £17.6 million
inflow (H1 2024: £6.6 million inflow) which was primarily due to a £0.9
million working capital inflow (H1 2024: £18.1 million outflow) and a reduced
share-based payment expense. This resulted in a significantly higher operating
cash conversion of 135 per cent (H1 2024: 35 per cent). On a statutory basis,
cash flow from operating activity was an inflow of £16.4 million (H1 2024:
£3.4 million inflow).
There was a free cash inflow of £6.4 million (H1 2024: £7.8 million outflow)
reflecting lower tax and interest payments and includes £1.4 million of
restructuring and acquisition related payments (H1 2024: £0.5 million).
As at 30 June 2024 the Group's net debt was £87.7 million (31 December 2024:
£97.4 million), including £14.4 million of lease liabilities (31 December
2024: £17.3 million). Excluding lease liabilities, net debt was £73.3m (31
December 2024: £80.1 million). Leverage, consistent with the bank
covenants, was 1.9 times at 30 June 2025 (31 December 2024: 1.8 times). Net
interest cover at 30 June 2025 was 4.3 times (31 Dec 2024: 4.4 times)
Following the buy-in of the UK defined benefit scheme in November 2022, the
scheme is de-risked and had a surplus of £10.5 million at 30 June 2025. No
contributions were made to the scheme in the period, and none are expected
going forwards. Workstreams to finalise all details of the buy-in and transfer
all scheme data to Legal and General are well progressed and the notice to
trigger wind up of the scheme was issued on 31 March 2025. We continue to move
towards buy-out which we anticipate completing in 2026 after which we can
conclude the wind up of the scheme.
Summary of Adjusted results
To assist with the understanding of earnings trends, the Group has included
within its non-GAAP alternative performance measures including adjusted
operating profit and adjusted profit. Further information is contained in the
'Reconciliation of KPIs and non IFRS measures' on pages 37 to 44.
A summary of the Group's adjusted results, and a reconciliation of statutory
to adjusted profit numbers are set out below:
£ million H1 2025 H1 2024
restated
Revenue 237.9 273.3
Adjusted Operating profit 13.0 19.0
Adjusted Operating margin 5.5% 7.0%
Net finance expense (4.5) (5.2)
Adjusted Profit before tax 8.5 13.8
Adjusted Tax (5.1) (4.3)
Tax rate 60.0% 31.2%
Adjusted Profit after tax 3.4 9.5
Weighted average number of shares 177.7m 176.7m
Adjusted EPS 1.9p 5.4p
Reconciliation of Adjusted results
£ million Note H1 2025 H1 2024 restated
Operating profit (5.1) 11.9
Adjusted to exclude:
Restructuring and other items
Pension restructuring costs 1 (3.0) (0.8)
Restructuring 2 (13.8) -
(16.8) (0.8)
Acquisition related costs
Amortisation of intangible assets arising on business combinations (1.3) (1.4)
Project Albert costs - (4.9)
(1.3) (6.3)
Total operating reconciling items (18.1) (7.1)
Adjusted operating profit 13.0 19.0
Profit before tax (9.6) 6.7
Total operating reconciling items (as above) 18.1 7.1
Adjusted profit before tax 8.5 13.8
Taxation charge on adjusted profit (5.1) (4.3)
Adjusted profit after taxation 3.4 9.5
Note 1: Pension restructuring costs of £3.0 million (2024: £0.8 million)
relate to buy in costs and all anticipated future post wind up costs which are
required to be booked following the 31 March 2025 triggering of the wind up of
the scheme.
Note 2: Restructuring costs of £13.8 million comprise £6.7 million relating
to closure costs of the Plano manufacturing site, of which £4.9 million
relates to inventory, £5.7 million relating to costs associated with
operational restructuring at the Cleveland manufacturing site, which is
predominantly related to inventory, and £1.4 million relating to costs
associated with the changes in executive leadership.
Cash flow, net debt and leverage
The table below sets out Group cash flows and net debt movement:
£ million H1 2025 H1 2024
restated
Adjusted operating profit 13.0 19.0
Depreciation and amortisation 6.7 7.4
Working capital movement 0.9 (18.1)
Net capital expenditure (3.1) (3.1)
Capitalised development expenditure (0.7) (0.5)
Other 0.8 1.9
Adjusted Operating Cash Flow post Capex 17.6 6.6
Restructuring and acquisition costs (1.4) (0.5)
Net interest and tax (7.8) (10.1)
Lease payments (2.0) (2.0)
US pension scheme buy-out - (1.8)
Free Cash Flow 6.4 (7.8)
Dividends - (8.2)
Lease payments 2.0 2.0
Equity issued 0.2 0.4
Disposals - 19.5
Cash with disposed businesses - (5.3)
Other - (2.0)
Net debt impacting cashflow 8.6 (1.4)
Opening net debt (97.4) (126.2)
Leases disposed of as part of Project Albert - 2.6
Other non-cash (new leases and lease reassessments) (0.6) (1.2)
FX 1.7 (0.8)
Closing net debt (87.7) (127.0)
At 30 June 2025 the Group's net debt was £87.7 million (31 December 2024:
£97.4 million). Included within net debt was £14.4 million of lease
liabilities (31 December 2024: £17.3 million). Excluding lease liabilities,
net debt was £73.3m (31 December 2024: £80.1 million).
Consistent with the Group's borrowing agreements, which exclude the impact of
IFRS 16 leases, leverage ratio was 1.9 times at 30 June 2025 (31 December
2024: 1.8 times). Net interest cover was 4.3 times (31 December 2024: 4.4
times).
The Group's debt covenants state that the leverage ratio must not exceed 3.0
times and interest cover must be over 4.0 times. A temporary amendment with
the Group's lenders is in place over the existing financing facilities for the
periods to 30 June 2025 and 31 December 2025. The amendment relates
specifically to the financial covenant regarding interest cover to provide the
Group with additional headroom. Under the amendment, the interest cover
covenant will be reduced from a minimum ratio of EBITDA to net finance charges
of 4.0 times to 3.0 times and 3.25 times for the periods to 30 June 2025 and
31 December 2025 respectively. During the relaxation period, in the event that
interest cover falls below or is forecast to be less than 4.0 times the Board
would not be able to declare or pay a dividend.
Principal risks and uncertainties
The Group has an established, structured approach to identifying and assessing
the impact of financial and operational risks on its business, which is
reviewed and updated quarterly. The principal risks and uncertainties for the
remainder of the financial year are not expected to change materially from
those included on pages 53 to 56 of the Annual Report and Accounts 2024. The
risks identified relate to the following areas: general revenue reduction due
to geopolitical instability or economic downturn; contractual risks; research
and development; people and capability; supplier resilience; IT systems and
information; M&A and integration; sustainability, climate change and the
environment; health and safety; legal and regulatory compliance and
geopolitical. Further information in relation to the Group's financial
position and going concern is included on page 19.
Cautionary statement
This report 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 report. 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.
2025 Interim Results, 24 September 2025
TT Electronics plc
Results for the half-year ended 30 June 2025
TT Electronics plc
Interim Results for the half-year ended 30 June 2025
Going Concern
The Group's primary source of finance is the £162.4 million committed
revolving credit facility (RCF) which was signed in June 2022 and will mature
in June 2027. At 30 June 2025 £55.2 million of this facility had been drawn
down. The Group's RCF is payable on a floating rate basis above GBP SONIA, USD
SOFR or EURIBOR depending on the currency of the loan.
In December 2021, TT issued £75 million of private placement fixed rate loan
notes with three institutional investors; the issue is evenly split between 7-
and 10- year maturities with an average interest rate of 2.9% and covenants in
line with our bank facility.
The Group had a leverage ratio of 1.9 times as at 30 June 2025 (31 December
2024: 1.8) compared to an RCF covenant maximum of 3.0 times and interest cover
(pre-IFRS 16 and excluding pension interest) of 4.3 times (31 December 2024:
4.4) compared to a relaxed RCF covenant minimum of 3.0 times (31 December
2024: 3.75).
The Group has prepared and reviewed cash flow forecasts across the business
over the twelve-month period from the date of the approval of these interim
results, considering the Group's current financial position and the potential
impact of our principal risks on regional performance.
Under the Group's base case financial projections, the Group retains liquidity
and covenant headroom, with both metrics improving from the position as at 30
June 2025.
The Group's downside stress test scenario has been sensitised for impacts to
our principal risks as set out in the 2024 Annual Report which shows a
reduction in revenue and operating profit compared to the latest forecast.
Despite this further reduction these projections show that the Group should
remain well within its facilities headroom and within bank covenants for the
remainder of 2025 and 2026.
The Directors have assessed the future funding requirements of the Group with
due regard to the risks and uncertainties to which the Group is exposed and
compared them with the level of available borrowing facilities. The Directors
are satisfied that the Group has adequate resources available for at least
twelve months from the date of signing these interim financial statements.
Accordingly, the financial statements have been prepared on a going concern
basis.
As noted in the 2024 Annual Report, there have been significant emerging
geopolitical and macroeconomic developments including trade tariffs. While
tensions have begun to ease following a willingness of governments,
particularly the USA, to negotiate trade agreements, these recent events
continue to be fast moving with a range of potential outcomes. The outcomes
remain uncertain and any resulting economic volatility may have an impact
beyond that assumed in the severe downside case.
As a result, the directors consider these matters represent a material
uncertainty which may cast doubt upon the Group's ability to continue as a
going concern for a period of at least 12 months from the date of the signing
of these interim financial statements.
Responsibility statement of the Directors
We confirm that to the best of our knowledge:
· The 2025 annual financial statements of TT Electronics plc will
be prepared in accordance with United Kingdom adopted International Accounting
Standards. The condensed set of financial statements included in this half
yearly financial report has been prepared in accordance with United Kingdom
adopted International Accounting Standard 34 'Interim Financial Reporting';
· the interim management report includes a fair review of the
information required by DTR 4.2.7R:
(i) an indication of important events that have
occurred during the first six months of the financial year, and their impact
on the condensed set of financial statements; and
(ii) a description of the principal risks and
uncertainties for the remaining six months of the year.
· the interim management report includes a fair review of the
information required by DTR 4.2.8R:
(i) related party transactions that have taken place in
the first six months of the current financial year and that have materially
affected the financial position or performance of the Group in that period;
and
(ii) any changes in the related parties transactions
described in the 2024 Annual Report that could have a material effect on the
financial position or performance of the Group in the current period.
By order of the Board
Eric
Lakin
Richard Webb
Chief Executive
Officer
Interim Chief Financial Officer
23 September
2025
23 September 2025
Cautionary statement
This report 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 report. 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.
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Condensed consolidated income statement (unaudited)
for the six months ended 30 June 2025
£million (unless otherwise stated) Note Six months Six months Year ended
ended June
ended June
December
2025
2024
2024
Restated (1)
Revenue 3 237.9 273.3 521.1
Cost of sales (191.7) (214.3) (411.4)
Gross profit 46.2 59.0 109.7
Distribution costs (9.0) (11.8) (22.9)
Administrative expenses (42.3) (35.3) (110.3)
Operating (loss) / profit (5.1) 11.9 (23.5)
Analysed as:
Adjusted operating profit 3 13.0 19.0 37.1
Restructuring costs 4 (13.8) - 0.1
Pension restructuring costs 4 (3.0) (0.8) (1.3)
Asset impairments and measurement losses 4 - - (52.2)
Amortisation of intangible assets arising on business combinations 4 (1.3) (1.4) (2.7)
Acquisition and disposal related costs 4 - (4.9) (4.5)
Finance income 0.2 0.8 1.6
Finance costs (4.7) (6.0) (11.5)
(Loss) / profit before taxation (9.6) 6.7 (33.4)
Taxation 5 (0.7) (3.9) (20.0)
(Loss) / profit for the period attributable to the owners of the Company (10.3) 2.8 (53.4)
EPS attributable to owners of the Company (pence)
Basic 6 (5.8) 1.6 (30.2)
Diluted 6 (5.8) 1.6 (30.2)
1. H1 2024 results have been restated as described in note 2f.
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Condensed consolidated statement of comprehensive income (unaudited)
for the six months ended 30 June 2025
£million Six months Six months Year ended
ended
ended June
31 December
30 June 2025
'2024
2024
Restated (1)
(Loss) / profit for the period (10.3) 2.8 (53.4)
Other comprehensive (loss) / income for the period after tax
Items that are or may be reclassified subsequently to the income statement:
Exchange differences on translation of foreign operations (20.2) 1.6 2.9
Tax on exchange differences - - (0.4)
Foreign exchange gain on disposals recycled to income statement - (0.6) (0.6)
Gain / (loss) on hedge of net investment in foreign operations 3.0 (0.4) (0.8)
Gain / (loss) on cash flow hedges taken to equity less amounts recycled to the 6.9 (5.1) (10.2)
income statement
Deferred tax (loss) / gain on movement in cash flow hedges (1.7) 1.0 2.4
Items that will not be reclassified to the income statement:
Remeasurement of defined benefit pension schemes 4.4 (0.9) (2.3)
Tax on remeasurement of defined benefit pension schemes (1.5) 2.7 3.1
Total comprehensive (loss) / income for the period attributable to the owners (19.4) 1.1 (59.3)
of the Company
1. H1 2024 results has been restated as described in note 2f.
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Condensed consolidated statement of financial position (unaudited)
£million Note 30 June 2025 30 June 2024 31 December
Restated (1)
2024
ASSETS
Non-current assets
Right-of-use assets 8.1 15.1 9.9
Property, plant and equipment 46.2 59.6 49.3
Goodwill 8 97.9 141.3 105.4
Other intangible assets 26.0 31.1 30.8
Deferred tax assets 13.1 16.6 13.1
Derivative financial instruments 9 0.6 0.1 -
Pensions 10 10.5 24.0 7.1
Total non-current assets 202.4 287.8 215.6
Current assets
Inventories 110.3 147.3 132.7
Trade and other receivables 87.9 90.7 91.2
Income taxes receivable 2.9 2.0 2.9
Derivative financial instruments 9 1.8 2.3 0.7
Cash and cash equivalents 11 55.7 65.1 69.2
Total current assets 258.6 307.4 296.7
Total assets 461.0 595.2 512.3
LIABILITIES
Current liabilities
Borrowings 11 - 0.1 0.1
Lease liabilities 11 3.6 3.7 4.0
Derivative financial instruments 9 1.7 2.4 5.4
Trade and other payables 109.5 121.1 120.0
Income taxes payable 13.3 9.5 13.1
Provisions 8.0 3.2 3.7
Total current liabilities 136.1 140.0 146.3
Non-current liabilities
Borrowings 11 129.0 174.7 149.2
Lease liabilities 11 10.8 13.6 13.3
Derivative financial instruments 9 0.3 1.3 2.4
Deferred tax liability 5.4 4.3 3.5
Pensions 10 1.4 1.5 1.5
Provisions and other non-current liabilities 1.2 1.1 1.2
Total non-current liabilities 148.1 196.5 171.1
Total liabilities 284.2 336.5 317.4
Net assets 176.8 258.7 194.9
EQUITY
Share capital 44.6 44.4 44.5
Share premium 24.7 24.3 24.6
Translation reserve 24.6 41.3 41.8
Other reserves 10.3 7.7 4.0
Retained earnings 72.6 141.0 80.0
Total equity 176.8 258.7 194.9
1. 'Inventories', 'Trade and other receivables' and 'Deferred tax
assets' have been restated as described in note 2f.
Approved by the Board of Directors on 23 September 2025 and signed on their
behalf by:
Eric Lakin
Richard Webb
Director
Director
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Condensed consolidated statement of changes in equity (unaudited)
for the six months ended 30 June 2025
£million Share capital Share premium Translation Reserve Other reserves Retained earnings Total
At 31 December 2023 44.3 24.0 40.7 11.9 144.6 265.5
Profit for the period - restated (1) - - - - 2.8 2.8
Other comprehensive income / (expense)
Exchange differences on translation of foreign operations - - 1.6 - - 1.6
Foreign exchange gain on disposals taken to income statement - - (0.6) - - (0.6)
Loss on hedge of net investment in foreign operations - - (0.4) - - (0.4)
Loss on cash flow hedges taken to equity less amounts recycled to income - - - (5.1) - (5.1)
statement
Deferred tax on movement in cash flow hedges - - - 1.0 - 1.0
Remeasurement of defined benefit pension schemes - - - - (0.9) (0.9)
Tax on remeasurement of defined benefit pension schemes - - - - 2.7 2.7
Total comprehensive income / (loss) - - 0.6 (4.1) 4.6 1.1
Transactions with owners recorded directly in equity
Equity dividends paid by the Company - - - - (8.2) (8.2)
Share-based payments - - - 1.9 - 1.9
New shares issued 0.1 0.3 - - - 0.4
Other movements - - - (2.0) - (2.0)
At 30 June 2024 - restated (1) 44.4 24.3 41.3 7.7 141.0 258.7
At 31 December 2024 (audited) 44.5 24.6 41.8 4.0 80.0 194.9
Profit for the period - - - - (10.3) (10.3)
Other comprehensive (expense) / income
Exchange differences on translation of foreign operations - - (20.2) - - (20.2)
Gain on hedge of net investment in foreign operations - - 3.0 - - 3.0
Gain on cash flow hedges taken to equity less amounts recycled to the income - - - 6.9 - 6.9
statement
Deferred tax on movement in cash flow hedges - - - (1.7) - (1.7)
Remeasurement of defined benefit pension schemes - - - - 4.4 4.4
Tax on remeasurement of defined benefit pension schemes - - - - (1.5) (1.5)
Total comprehensive (loss) / income - - (17.2) 5.2 (7.4) (19.4)
Transactions with owners recorded directly in equity
Share-based payments - - - 1.1 - 1.1
Deferred tax on share-based payments - - - 0.1 - 0.1
New shares issued 0.1 0.1 - - - 0.2
Payments to fund employee benefit trust - - - (0.1) - (0.1)
At 30 June 2025 44.6 24.7 24.6 10.3 72.6 176.8
1. Balances have been restated as described in note 2f.
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Condensed consolidated cash flow statement (unaudited)
for the six months ended 30 June 2025
£million Note Six months Six months Year ended
ended June
Ended June
December
2025
2024
2024
Restated (1)
Cash flows from operating activities
(Loss) / Profit for the period (10.3) 2.8 (53.4)
Taxation 5 0.7 3.9 20.0
Net finance costs 4.5 5.2 9.9
Restructuring costs and non underlying asset impairments and remeasurements 4 16.8 0.8 53.4
Amortisation, acquisition and disposal related costs 4 1.3 6.3 7.2
Adjusted operating profit 13.0 19.0 37.1
Adjustments for:
Depreciation 5.6 6.7 12.2
Amortisation and impairment of intangible assets 1.1 0.7 1.6
Share based payment expense 0.9 1.9 2.2
Scheme funded pension administration costs 0.4 0.7 1.1
Other items (0.5) - 0.2
Decrease / (increase) in inventories 5.2 (2.3) 12.8
Increase in receivables (1.0) (2.8) (2.2)
Decrease in payables and provisions (3.3) (13.7) (12.9)
Adjusted operating cash flow 21.4 10.2 52.1
Reimbursement from pension schemes net of funding payments - (1.8) 9.4
Restructuring and acquisition related costs (1.4) (0.5) (0.6)
Net cash generated from operations 20.0 7.9 60.9
Income taxes paid (3.6) (4.5) (9.7)
Net cash flow from operating activities 16.4 3.4 51.2
Cash flows from investing activities
Purchase of property, plant and equipment (3.2) (3.3) (6.9)
Proceeds from sale of property, plant and equipment and government grants 0.1 0.2 0.5
received
Capitalised development expenditure (0.7) (0.5) (1.8)
Purchase of other intangibles - - (0.5)
Proceeds from disposal of business - 19.5 17.5
Cash with disposed businesses - (5.3) (5.3)
Net cash flow (used in) / from investing activities (3.8) 10.6 3.5
Cash flows from financing activities
Issue of share capital 12 0.2 0.4 0.8
Interest paid (4.2) (5.6) (10.6)
Repayment of borrowings (20.7) (20.0) (49.2)
Proceeds from borrowings 3.1 12.1 15.1
Capital payment of lease liabilities (2.0) (2.0) (4.2)
Other items - (2.0) (2.1)
Dividends paid by the Company 7 - (8.2) (12.2)
Net cash flow used in financing activities (23.6) (25.3) (62.4)
Net decrease in cash and cash equivalents (11.0) (11.3) (7.7)
Cash and cash equivalents at beginning of period including those classified as 11 69.1 76.5 76.5
held for sale
Exchange differences 11 (2.4) (0.2) 0.3
Cash and cash equivalents at end of period 11 55.7 65.0 69.1
Cash and cash equivalents comprise:
Cash at bank and in hand 11 55.7 65.1 69.2
Bank overdrafts 11 - (0.1) (0.1)
Cash and cash equivalents at end of period 11 55.7 65.0 69.1
1. Balances have been restated as described in note 2f.
1.
TT Electronics plc
Interim results for the half-year ended 30 June 2025
Notes to the condensed consolidated financial statements (unaudited)
1. General information
The condensed consolidated financial statements for the six months ended 30
June 2025 are unaudited and were authorised for issue in accordance with a
resolution of the Board of Directors. The information for the six months ended
30 June 2025 does not constitute statutory accounts as defined in section 434
of the Companies Act 2006. Comparative information for the year ended 31
December 2024 has been taken from the published statutory accounts, a copy of
which has been delivered to the Registrar of Companies. The auditors reported
on those accounts: their report was unqualified, did not draw attention to any
matters by way of emphasis and did not contain a statement under section
498(2) or (3) of the Companies Act 2006. The auditor's report drew attention
to a material uncertainty related to going concern as set out in the Going
Concern section.
2. Basis of preparation
a) Condensed consolidated half-year financial statements
The 2025 annual financial statements of TT Electronics plc will be prepared in
accordance with United Kingdom adopted International Accounting Standards. The
condensed set of financial statements included in this half yearly financial
report has been prepared in accordance with United Kingdom adopted
International Accounting Standard 34 'Interim Financial Reporting'. These
condensed consolidated half-year financial statements do not include all the
information and disclosures required in the annual financial statements and
should be read in conjunction with the 2024 Annual Report.
b) Changes in accounting policies
The accounting policies adopted are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
December 2024, except for the adoption of the following amended standard
effective as of 1 January 2025, however this was deemed not to have a material
effect on the interim financial statements:
• Amendments to IAS 21 - Lack of Exchangeability
c) Alternative performance measures
The Group presents Alternative Performance Measures ("APMs") in addition to
the statutory results of the Group. The Directors consider there to be four
main alternative performance measures: adjusted operating profit, free cash
flow, adjusted EPS and adjusted effective tax rate.
All alternative performance measures are presented within the section titled
'Reconciliation of KPIs and non IFRS Measures' and are reconciled to their
equivalent statutory measures where this is appropriate.
Adjusted operating profit has been defined as operating profit from continuing
operations excluding the impacts of significant restructuring programmes,
significant one-off items including property disposals, impairment charges
significant in nature and/or value, certain one-off pension costs, business
acquisition, integration and divestment related activity and the amortisation
of intangible assets recognised on acquisition. Acquisition and disposal
related items include the writing off of the pre-acquisition profit element of
inventory written up on acquisition, other direct costs associated with
business combinations and adjustments to contingent consideration related to
acquired businesses. Restructuring includes cost of management changes,
significant costs associated with the cost of restructuring operations and
facilities, including the movement and closure of production facilities. Costs
associated with restructuring, acquisitions and disposals are uncertain with
regard to their timing and size and therefore their inclusion within operating
profit could mislead the reader of the accounts. Adjusted operating profit
is not a defined term under IFRS and may not be comparable with similarly
titled profit measures reported by other companies. It is not intended to be a
substitute for, or superior to, GAAP measures. All APMs relate to the current
period results and comparable periods where provided.
In addition to the items above, adjusting items impacting profit after tax
include:
• The net effect on tax of significant restructuring from strategy changes
that are not considered by the Group to be part of the normal operating costs
of the business; and
• The tax effects of adjustments to profit before tax.
These alternative performance measures have been selected by the Directors to
assist them in making operating decisions because they represent the
underlying operating performance of the Group and facilitate internal
comparisons of performance over time.
d) Critical accounting judgements and key sources of estimation uncertainty
The preparation of condensed consolidated financial statements requires
management to make judgements, estimates and assumptions which affect the
application of accounting policies and the reported amounts of assets,
liabilities, income and expense. Actual results may differ from these
estimates.
Significant judgements relate to the determination of items of income and
expense excluded from operating profit to arrive at adjusted operating profit.
Judgements are required as to whether items are disclosed as adjusting with
consideration given to both quantitative and qualitative factors. Further
information about the determination of adjusting items is included in note 1c
of the 2024 Annual Report.
Significant estimates relate to uncertain tax provisions. Accruals for tax
contingencies require management to make judgements and estimates in relation
to tax authority audits and exposures. Amounts accrued are based on
management's interpretation of country-specific tax law and the likelihood of
settlement. Tax benefits are not recognised unless the tax positions are
probable of being sustained. Once considered to be probable, management
reviews each material tax benefit to assess whether a provision should be
taken against full recognition of the benefit on the basis of potential
settlement through negotiation and/or litigation. These amounts are expected
to be utilised or to reverse as tax audits occur or as the statute of
limitations is reached in the respective countries concerned. The Group's
current tax liability at 30 June 2025 includes tax provisions of £11.9
million (2024: £10.7 million). The Group believes the range of reasonable
possible outcomes in respect of these exposures is tax liabilities of up to
£16.0 million (2024: £14.3 million).
Significant estimates and judgements relate to goodwill. Goodwill,
particularly where it relates to the North America group of cash generating
units ("CGUs"), includes judgements and estimates in determining the carrying
value of goodwill. Determining whether goodwill is impaired requires an
estimation of the value in use of the CGUs to which the goodwill has been
allocated. The value in use calculation requires management to estimate the
future cash flows expected to arise from CGUs and a suitable discount rate to
calculate present value. The Group undertakes the annual impairment review in
the second half of the year and for the first half has assessed the existence
of indicators of impairment and calculated reasonably possible changes based
on these estimates and judgements. Further information and sensitivity
analysis is provided in note 8.
e) Going concern
After making appropriate enquiries, the Directors have a reasonable
expectation that the Company has adequate resources and financial headroom to
continue in operational existence for at least twelve months from the date of
signing these interim results. Therefore, they continue to adopt the going
concern basis of accounting in preparing the condensed consolidated half-year
financial statements.
Page 19 outlines the going concern assessment and the Directors conclusions in
this respect. This report identifies and recognises that a material
uncertainty which may cast doubt upon the Group's ability to continue as a
going concern due to the uncertainty surrounding the macroeconomic and
geopolitical developments relating to trade tariffs exists.
f) Prior period restatements
As disclosed in the 2024 Annual Report, certain balances in North America were
identified as representing material errors in the 2023 Financial Statements
and were therefore included in the opening balances in 2024. This resulted in
consistent material errors as at 30 June 2024 which required prior period
restatement.
In accordance with IAS 8: 'Accounting Policies, Changes in Accounting Policies
and Errors' amounts in the consolidated income statement; consolidated
statement of comprehensive income; consolidated statement of financial
position; consolidated statement of changes in equity and consolidated
statement of cash flows for the period ending 30 June 2024 have been restated.
The impact of this change is shown in the tables below.
June 2024 £million As published 2023 Restatements affecting opening balances (1) Restatement of prepayments Restatement of receivables Restatement of inventory As restated
Consolidated statement of financial position
Inventories 148.4 (0.8) (0.3) 147.3
Trade and other receivables 99.0 (5.4) 0.5 (3.4) 90.7
Deferred tax assets 15.4 1.2 16.6
Retained earnings 149.2 (5.0) 0.5 (3.4) (0.3) 141.0
Total equity 266.9 (5.0) 0.5 (3.4) (0.3) 258.7
June 2024 £million As published Restatement of prepayments Restatement of receivables Restatement of inventory As restated
Consolidated income statement
Revenue 274.4 (1.1) 273.3
Cost of sales (211.7) (2.3) (0.3) (214.3)
Gross profit 62.7 (3.4) (0.3) 59.0
Administrative expenses (35.8) 0.5 (35.3)
Operating profit 15.1 0.5 (3.4) (0.3) 11.9
Adjusted operating profit 22.2 0.5 (3.4) (0.3) 19.0
Profit before taxation 9.9 0.5 (3.4) (0.3) 6.7
Taxation (3.9) (3.9)
Profit for the period 6.0 0.5 (3.4) (0.3) 2.8
June 2024 £million As published Restatement of prepayments Restatement of receivables Restatement of inventory As restated
Earnings per share (p)
Basic - adjusted 7.2 0.3 (1.9) (0.2) 5.4
Diluted - adjusted 7.1 0.3 (1.9) (0.2) 5.3
Basic 3.4 0.3 (1.9) (0.2) 1.6
Diluted 3.3 0.3 (1.9) (0.1) 1.6
June 2024 £million As published Restatement of prepayments Restatement of receivables Restatement of inventory As restated
Consolidated statement of cashflows
Profit for the period 6.0 0.5 (3.4) (0.3) 2.8
Adjusted operating profit 22.2 0.5 (3.4) (0.3) 19.0
Increase in inventories (2.6) - - 0.3 (2.3)
Increase in receivables (5.7) (0.5) 3.4 - (2.8)
Adjusted operating cash flow 10.2 - - - 10.2
Net cash generated from operations 7.9 - - - 7.9
Net cash flow from operating activities 3.4 - - - 3.4
Net (decrease)/increase in cash and cash equivalents (11.3) - - - (11.3)
1. Refer to the 2024 Annual Report for details on the restatements
relating to 2023.
3. Segmental reporting
The Group is organised into three regions, as shown below. Each of these
regions represents an operating segment in accordance with IFRS 8 'Operating
segments' and there is no aggregation of segments. The chief operating
decision maker is the Chief Executive Officer. The operating segments are:
· Europe - the Europe segment encompasses all the Group's European
operations comprising the manufacturing sites in Sheffield, Bedlington,
Manchester, Barnstaple, Abercynon, Fairford and Eastleigh as well as the
European sales offices. The regional segment is supported by a leadership team
who have functional responsibilities that span the individual entities within
the business;
· North America - the North America segment encompasses all the
Group's North American operations comprising Juarez, Mexicali, Dallas,
Minneapolis, Kansas, Cleveland and Boston. The regional segment is supported
by a leadership team who have functional responsibilities that span the
individual entities within the business;
· Asia - the Asia segment encompasses all the Group's Asian
operations comprising the manufacturing sites in Suzhou and Kuantan and the
Singapore sales office. The regional segment is supported by a leadership team
who have functional responsibilities that span the individual entities within
the business.
The key performance measure of the operating segments is adjusted operating
profit. Refer to the section titled 'Reconciliation of KPIs and non IFRS
Measures' for a definition of adjusted operating profit.
Corporate costs - Resources and costs of the head office managed centrally but
deployed in support of the operating units are allocated to segments based on
a combination of revenue and adjusted operating profit.
Resources and costs of the head office which are not related to the operating
activities of the trading units are not allocated to regions and are
separately disclosed, equivalent to the segment disclosure information, so
that reporting is consistent with the format that is used for review by the
chief operating decision maker. This gives greater transparency of the
adjusted operating profits for each segment. Adjusting items are not allocated
to regions for reporting purposes. For further discussion of these items see
note 4.
The accounting policies of the reportable segments are the same as the Group's
accounting policies.
Group financing (including finance costs and finance income) and income taxes
are managed on a Group basis and are not allocated to operating segments.
Goodwill is allocated to the groups of cash generating units which may be
smaller than the segment of which they are part.
Six months ended 30 June 2025
£million Europe North America Asia Total Operating Segments Central Total
Sales to external customers 68.5 83.2 86.2 237.9 - 237.9
Adjusted operating profit 10.7 (5.0) 11.4 17.1 (4.1) 13.0
Add back: adjustments made to operating profit (note 4) (18.1)
Operating profit (5.1)
Net finance costs (4.5)
Profit before taxation (9.6)
Six months ended 30 June 2024 (restated)
£million Europe North America Asia Total Operating Segments Central Total
Sales to external customers 77.1 94.4 101.8 273.3 - 273.3
Adjusted operating profit 7.5 1.6 14.0 23.1 (4.1) 19.0
Add back: adjustments made to operating profit (note 4) (7.1)
Operating profit 11.9
Net finance costs (5.2)
Profit before taxation 6.7
Year ended 31 December 2024
£million Europe North America Asia Total Operating Segments Central Total
Sales to external customers 146.3 184.4 190.4 521.1 - 521.1
Adjusted operating profit 18.9 (2.7) 28.5 44.7 (7.6) 37.1
Add back: adjustments made to operating profit (note 4) (60.6)
Operating profit (23.5)
Net finance costs (9.9)
Loss before taxation (33.4)
There is no significant intergroup trading between segments.
The tables below show revenue allocated by customer geographies and markets.
£million Six months Six months Year ended 31
ended 30 June
Ended June
December
2025
2024
2024
Restated (1)
United Kingdom 48.0 61.8 111.8
Rest of Europe 36.9 37.0 71.6
North America 97.9 111.6 214.6
Asia 54.6 62.7 122.6
Rest of the World 0.5 0.2 0.5
237.9 273.3 521.1
£million Six months Six months Year ended 31
ended 30 June
Ended June
December
2025
2024
2024
Restated (1)
Healthcare 54.9 61.9 118.1
Aerospace and defence 73.3 70.5 142.1
Automation and electrification 73.3 96.4 174.3
Distribution 36.4 44.5 86.6
237.9 273.3 521.1
4. Adjusting items
Six months ended June Six months ended June Year ended December
2025
2024 - Restated
2024
£million Operating profit Tax Operating profit Tax Operating profit Tax
restated (1)
restated (1)
As reported (5.1) (0.7) 11.9 (3.9) (23.5) (20.0)
Restructuring costs
Restructuring costs (13.8) 3.3 - - 0.1 -
(13.8) 3.3 - - 0.1 -
Pension restructuring costs
Pension restructuring costs (3.0) 0.8 (0.8) 0.2 (1.3) 0.3
(3.0) 0.8 (0.8) 0.2 (1.3) 0.3
Asset impairments and measurement losses
Asset impairments - - - - (52.2) 3.2
Deferred tax asset derecognition - - - - - (16.0)
- - - - (52.2) (12.8)
Amortisation of intangible assets arising on business combinations
Amortisation of intangible assets arising on business combinations (1.3) 0.3 (1.4) 0.4 (2.7) 0.5
(1.3) 0.3 (1.4) 0.4 (2.7) 0.5
Acquisition and disposal related costs
Ferranti Power and Control acquisition and integration costs - - - - (0.2) -
Disposal costs - - (4.9) (0.2) (4.4) (0.4)
Property sale - - - - 0.7 -
Other - - - - (0.6) 0.1
- - (4.9) (0.2) (4.5) (0.3)
Total items excluded from adjusted measure (18.1) 4.4 (7.1) 0.4 (60.6) (12.3)
Adjusted measure 13.0 (5.1) 19.0 (4.3) 37.1 (7.7)
Restructuring costs of £13.8 million include £6.7 million relating to
closure costs of the Plano manufacturing site, of which £4.9 million relates
to inventory write offs and £1.8 million relates to asset decommissioning,
severance and other associated costs; £1.4 million relating to costs
associated with the changes in executive leadership; and £5.7 million
relating to costs associated with the Cleveland manufacturing site.
These costs for Cleveland relate to an operational restructuring project
started to turnaround the site and deliver improved performance. These costs
include £3.1 million relating to a review of methodologies applied in
inventory and associated provisioning and a £2.0 million inventory write-off
resulting from operational challenges identified in our improvement project.
An additional amount of £0.5 million was incurred for related specialist
resource costs. In the prior period there was a credit of £0.4 million in
respect of the closure of our Barbados facility in 2021 offset by costs of
£0.4 million in respect of the closure of the Hatfield, USA facility.
Pension restructuring costs of £3.0 million relate to buy-in costs and all
anticipated future costs post issuing the notice to trigger wind up.
Acquisition and disposal related costs in the prior period of £4.9 million
related to a loss on disposal on the sale of Albert.
5. Taxation
The half-year tax charge of £0.7 million (2024: £3.9 million) is based on a
forecast effective tax rate of 60.0 per cent (2024: 31.2 per cent) on adjusted
profit and a £4.4 million (2024: £0.4 million) credit on restructuring,
asset impairments and acquisition related costs. The higher than usual rate in
the current year is a result of losses within the North American region and
the inability to currently recognise a deferred tax asset in respect of those
losses.
The enacted UK tax rate applicable since 1 April 2023 is 25 per cent.
6. Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to
the owners of the Company by the weighted average number of shares in issue
during the period.
Pence Six months Six months Year ended
ended June
ended June
December 2024
2025
2024 - Restated (1)
Earnings/(loss) per share (pence)
Basic (5.8) 1.6 (30.2)
Diluted (5.8) 1.6 (30.2)
The numbers used in calculating statutory and adjusted earnings per share are
shown below:
£million (unless otherwise stated) Six months Six months Year ended
ended June
ended June
December 2024
2025
2024 - Restated (1)
(Loss) / profit for the period attributable to owners of the Company (10.3) 2.8 (53.4)
Restructuring costs 13.8 - (0.1)
Pension restructuring costs 3.0 0.8 1.3
Asset impairments and measurement losses - - 52.2
Amortisation of intangible assets arising on business combinations 1.3 1.4 2.7
Acquisition and disposal related costs - 4.9 4.5
Tax effect of adjusting items (see note 4) (4.4) (0.4) 12.3
Adjusted earnings 3.4 9.5 19.5
Adjusted earnings per share (pence) 1.9 5.4 11.0
Adjusted diluted earnings per share (pence) 1.9 5.3 10.9
The weighted average number of shares used to calculate statutory and adjusted
earnings per share are disclosed below:
million Six months Six months Year ended
ended June
ended June
December 2024
2025
2024 - Restated (1)
Basic 177.7 176.7 176.9
Adjustment for share awards 1.6 3.0 1.6
Diluted 179.3 179.7 178.5
The calculation of the diluted earnings per share excludes 1,919,880 (30 June
2024: 1,178,315) share options whose effect would have been anti-dilutive.
Adjusted earnings per share is based on the adjusted profit after interest and
tax.
7. Dividends
2025 2025 2024 2024
pence per share
£million
pence per share
£million
Final dividend paid for prior year - - 4.65 8.2
Interim dividend declared for current year - - 2.25 4.0
The Directors have not proposed or paid an interim dividend.
8. Goodwill
Goodwill arising from acquisitions represents the premium paid above the fair
value of net assets, including identified intangible assets, at the time of
acquisition. Future enhancements to acquired businesses - driven by strategic
direction, operational efficiencies, and investment - are expected to improve
profitability over the ownership period.
Goodwill is allocated to groups of CGUs and monitored at this level. Each
group of CGUs comprises multiple CGUs which are primarily individual
manufacturing sites. At 30 June 2025, the Group held goodwill of £97.9
million (31 December: £105.4 million).
The Group tests goodwill impairment annually or more frequently if there are
indications that goodwill might be impaired. The Group has assessed the
existence of indicators of impairment and has concluded that no indicators of
impairment exist as at 30 June 2025. However, the North America group of CGUs,
which holds goodwill of £34.9 million, remains highly sensitive to reasonably
possible changes in the forecast assumptions as illustrated below:
- a 1 per cent increase in the discount rate would result in a
reduction in value in use, and headroom, of £12.4 million
- a 5 per cent decrease in operating profit over the entire
assessment period (driven by lower than anticipated margin) would result in a
reduction in value in use, and headroom, of £9.6 million
- a 10 per cent reduction in the terminal value of operating
profit (driven by lower than anticipated margin) would result in a reduction
in the value in use, and headroom, of £11.7 million
- if working capital cash inflows expected in 2026 fail to
materialise this would result in a reduction in value in use, and headroom, of
£1.9 million
- a 12 month delay in the anticipated improvement in the financial
performance of our Cleveland manufacturing site would result in a reduction in
value in use, and headroom, of £19.7 million
It is possible that a combination of these changes could occur in the same
period and, for example, a 1 per cent increase in the discount rate combined
with a 12 month delay in the anticipated improvement in the financial
performance of our Cleveland manufacturing site would result in a reduction in
value of use of £32.1 million, and impairment of £1.9 million. It is
anticipated that the annual goodwill impairment review for the North America
group of CGUs will be carried out as at 30 September 2025.
9. Fair value of financial instruments
IFRS 13 "Fair Value Measurement" requires an analysis of those financial
instruments that are measured at fair value at the end of the period in a fair
value hierarchy. In addition, IFRS 13 requires financial instruments not
measured at fair value but for which fair value is disclosed to be analysed in
the same fair value hierarchy:
• Level 1 - quoted prices (unadjusted) in active markets for identical
assets or liabilities;
• Level 2 - inputs other than quoted prices included within level 1 that
are observable for the asset or liability, either directly (i.e. as prices)
or indirectly (i.e. derived from prices); and
• Level 3 - inputs for the asset or liability that are not based on
observable market data (i.e. unobservable inputs).
At 30 At 30 At 31
June
June
December
2025
2024
2024
Restated (1)
£million Fair value hierarchy Carrying Fair value Carrying Fair value Carrying Fair value
value
value
value
Held at amortised cost
Cash and cash equivalents n/a 55.7 55.7 65.1 65.1 69.2 69.2
Trade receivables n/a 76.9 76.9 77.8 77.8 76.3 76.3
Trade and other payables n/a (87.3) (87.3) (97.3) (97.3) (92.7) (92.7)
Borrowings (excluding unsecured loan notes) 2 (54.0) (54.0) (99.8) (99.8) (74.2) (74.2)
Unsecured loan notes 3 (75.0) (67.7) (75.0) (61.3) (75.0) (66.0)
Held at fair value
Derivative financial instruments (assets) 2 2.4 2.4 2.4 2.4 0.7 0.7
Derivative financial instruments (liabilities) 2 (2.0) (2.0) (3.7) (3.7) (7.8) (7.8)
Held at depreciated cost
Investment properties 3 - - - 0.7 - -
The fair value of the financial assets and liabilities are included at the
amount at which the instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale. The
following methods and assumptions were used to estimate the fair values:
• cash and cash equivalents, trade and other receivables and trade and
other payables approximate to their carrying amounts largely due to the
short-term maturities of these instruments;
• the fair value of borrowings is estimated by discounting future cash
flows using rates currently available for debt and remaining maturities (level
2);
• the fair value of unsecured loan notes has been derived from available
market data for borrowings of similar terms and maturity period (level 3);
• the fair value of derivative financial instrument assets (£2.4 million)
and liabilities (£2.0 million) are estimated by discounting expected future
cash flows using current market indices such as yield curves and forward
exchange rates over the remaining term of the instrument (level 2).
The Group continues to manage foreign currency risk at a transactional level
through the use of hedges which are monitored by the Group Treasury Committee.
The Group Treasury Committee regularly reviews counterparty credit risk and
ensures cash balances are held with carefully assessed counterparties with
strong credit ratings. Pages 50 to 57 of the 2024 Annual Report provide
details of the Group's policy on managing its operational and financial risks.
10. Retirement benefit schemes
At 30 June 2025 the Group operated one defined benefit scheme in the UK (the
TT Group (1993) scheme) and one overseas defined benefit scheme in the USA.
These schemes are closed to new members and the UK scheme is closed to future
accrual. Given the nature of the Company's control of the plan under the
Scheme's rules, a pension surplus has been recognised under IFRIC 14.
The liabilities of the TT Group Scheme have been fully insured under a bulk
insurance contract since 2022 and there is no requirement for any further
contributions to be paid to the Scheme. The Trustees formally triggered the
wind-up of the Scheme on 31 March 2025 and are expected to complete the
buy-out transaction with the insurer and wind-up in 2026.
The amounts recognised in the condensed consolidated statement of financial
position are:
£million 30 June 2025 30 June 2024 31 December
2024
TT Group (1993) 10.5 24.0 7.1
USA scheme (1.4) (1.5) (1.5)
Net surplus 9.1 22.5 5.6
Due to the favourable funding position the Trustee and Company have agreed
that there was no requirement for any further funding contributions to the TT
Group Scheme. In December 2024 a £15.0 million refund of surplus assets was
paid to the Group out of the TT Group Scheme by the trustee (£11.25 million
after tax due, which was paid by the Scheme).
£million 30 June 2025 30 June 2024 31 December
2024
Fair value of assets 313.9 350.8 317.1
Defined benefit obligation (304.8) (328.3) (311.5)
Net surplus recognised in the statement of financial position 9.1 22.5 5.6
Represented by
Schemes in net surplus 10.5 24.0 7.1
Schemes in net deficit (1.4) (1.5) (1.5)
9.1 22.5 5.6
The costs recognised in the condensed consolidated income statement are:
£million 30 June 2025 30 June 2024 31 December
2024
Scheme administration costs 0.4 0.6 1.0
Past service cost, settlements and other restructuring 3.0 0.8 1.3
(excluded from adjusted operating profit)
Net interest credit (0.2) (0.6) (1.1)
Amounts recognised in the consolidated statement of comprehensive income are a
gain of £4.4 million (H1 2024: loss of £0.9 million) which includes a gain
of £4.5 million on the remeasurement of the schemes' obligations in respect
of a member data cleanse exercise. Following the buy-in of the UK pension
scheme in 2022, all actuarial remeasurements on the UK scheme liabilities are
fully offset by movements in the value of the buy-in contract.
The triennial valuation of the TT Group Scheme as at April 2022 showed a net
surplus of £45.4 million against the Trustee's funding objective. Following
notice from the Company, the Trustee resolved to commence the wind-up of the
TT Group Scheme from 31 March 2025. The Trustees are aiming to complete the
buy-out transaction with the insurer and wind-up the Scheme in 2026. As such,
the requirements for the 2025 triennial valuation are diminished and the
Trustees are not expected to need to complete a full exercise.
11. Reconciliation of net cash flow to movement in net debt
£million Net cash Lease liabilities Borrowings Net debt
At 1 January 2024 76.5 (20.8) (181.9) (126.2)
Cash flow (7.7) - - (7.7)
Disposals of business (3.6) 2.6 - (1.0)
Repayment of borrowings - - 20.0 20.0
Proceeds from borrowings - - (12.1) (12.1)
Net movement in loan arrangement fees - - (0.3) (0.3)
Payment of lease liabilities - 2.0 - 2.0
New leases - (0.9) - (0.9)
Exchange differences (0.2) (0.2) (0.4) (0.8)
At 30 June 2024 65.0 (17.3) (174.7) (127.0)
Cash flow 3.6 - - 3.6
Repayment of borrowings - - 29.2 29.2
Proceeds from borrowings - - (3.0) (3.0)
Net movement in loan arrangement fees - - 0.1 0.1
Payment of lease liabilities - 2.2 - 2.2
New leases - (2.1) - (2.1)
Exchange differences 0.5 (0.1) (0.8) (0.4)
At 31 December 2024 69.1 (17.3) (149.2) (97.4)
Cash flow (11.0) - - (11.0)
Repayment of borrowings - - 20.7 20.7
Proceeds from borrowings - - (3.1) (3.1)
Net movement in loan arrangement fees - - (0.5) (0.5)
Payment of lease liabilities - 2.0 - 2.0
New leases - (0.2) - (0.2)
Exchange differences (2.4) 1.1 3.1 1.8
At 30 June 2025 55.7 (14.4) (129.0) (87.7)
The Group's primary source of finance is the £162.4 million committed
revolving credit facility (RCF) which was signed in June 2022 and will mature
in June 2027. At 30 June 2025 £55.2 million of this facility had been drawn
down. The Group's RCF is payable on a floating rate basis above GBP SONIA, USD
SOFR or EURIBOR depending on the currency of the loan.
In December 2021, TT issued £75 million of private placement fixed rate loan
notes with three institutional investors; the issue is evenly split between 7
and 10 year maturities with an average interest rate of 2.9% and covenants in
line with our bank facility.
In December 2024 the RCF and the unsecured loan note lenders agreed to a
relaxation of the covenant relating to the ratio of consolidated EBITDA to
consolidated net finance charges for each of the reporting periods up to, and
including, 31 December 2025. This is 3.00x at 30 June 2025 and 3.25x at 31
December 2025.
As part of this agreed relaxation, the Group has committed that, should it
wish to issue a dividend, it will test the covenant ratio both for the
measurement period immediately prior to the distribution and the forecasts for
the subsequent two measurement periods, against the original interest cover
covenant ratio of more than 4.00x.
12. Share capital
During the period the Company issued 166,259 ordinary shares (2024: 309,366)
as a result of share options being exercised under the Sharesave scheme and
Share Purchase plans. The aggregate consideration received in respect of all
new issues of shares was £0.2 million (2024: £0.4 million), which was
represented by a £0.1 million (2024: £0.1 million) increase in share capital
and a £0.1 million (2024: £0.3 million) increase in share premium.
During the period grants of awards were made under the LTIP for the issue of
shares in 2028. An award is a contingent right to receive shares in the
future, subject to continued employment and the achievement of predetermined
performance criteria. During the period grants of awards were made under the
2025 LTIP scheme for the issue of up to 4,163,254 shares in 2028.
13. Related party transactions
Transactions between the company and its subsidiaries have been eliminated on
consolidation and are not disclosed in this note. No related party
transactions have taken place during the six months ended 30 June 2025 that
have materially affected the financial position or performance of the Group.
14. Subsequent events
There were no subsequent events to report between the balance sheet date of 30
June 2025 and the date of issue of these financial statements.
Reconciliation of KPIs and non IFRS Measures
In accordance with the Guidelines on APMs issued by the European Securities
and Markets Authority (ESMA), additional information is provided on the APMs
used by the Group below.
To assist with the understanding of earnings trends, the Group has included,
within its financial statements, APMs, adjusted operating profit and other
adjusted profit measures. The APMs used are not defined terms under IFRS and
therefore may not be comparable to similar measures used by other companies.
They are not intended to be a substitute for, or superior to, GAAP measures.
Management uses adjusted measures to assess the operating performance of the
Group, having adjusted for specific items as detailed in note 4. They form the
basis of internal management accounts and are used for decision making,
including capital allocation, with a subset also forming the basis of internal
incentive arrangements. By using adjusted measures in segmental reporting,
this enables readers of the financial statements to recognise how incentive
performance is targeted. Adjusted measures are also presented in this
announcement because the Directors believe they provide additional useful
information to shareholders on comparable trends over time. Finally, this
presentation allows for separate disclosure and specific narrative to be
included concerning the adjusting items; this helps to ensure performance in
any one period can be more clearly understood by the user of the financial
statements. These APMs remain consistent with those disclosed in the 2024
annual report and accounts.
Income statement measures:
Alternative Performance Measure Closest equivalent statutory measure Note reference to reconciliation to statutory measure Definition and purpose
Adjusted operating Operating profit Adjusting items as disclosed in note 4 Adjusted operating profit has been defined as operating profit from continuing
operations excluding the impacts of significant restructuring programmes,
profit significant one-off items including property disposals, impairment charges
significant in nature and/or value, certain one-off pension costs, business
acquisition, integration, and divestment related activity and the amortisation
of intangible assets recognised on acquisition. Acquisition and disposal
related items include the writing off of the pre-acquisition profit element of
inventory written up on acquisition, other direct costs associated with
business combinations and adjustments to contingent consideration related to
acquired businesses. Restructuring includes cost of management changes,
significant costs associated with the cost of restructuring operations and
facilities, including the movement and closure of production facilities.
To provide a measure of the operating profits excluding the impacts of
significant items such as restructuring or acquisition related activity and
other items such as amortisation of intangibles which may not be present in
peer companies which have grown organically.
Adjusted operating Operating profit margin Adjusting items as disclosed in note 4 Adjusted operating profit as a percentage of revenue.
margin To provide a measure of the operating profits excluding the impacts of
significant items such as restructuring or acquisition related activity and
other items such as amortisation of intangibles which may not be present in
peer companies which have grown organically.
Adjusted earnings Earnings per share See note 6 for the reconciliation and calculation of adjusted earnings per The profit for the period attributable to the owners of the Group adjusted to
share exclude the items not included within adjusted operating profit divided by the
per share weighted average number of shares in issue during the period.
To provide a measure of earnings per share excluding the impacts of
significant items such as restructuring or acquisition related activity and
other items such as amortisation of intangibles which may not be present in
peer companies which have grown organically.
Income statement measures continued:
Alternative Performance Measure Closest equivalent statutory measure Note reference to reconciliation to statutory measure Definition and purpose
Adjusted Diluted earnings See note 6 for the reconciliation and calculation of adjusted diluted earnings The profit for the period attributable to the owners of the Group adjusted to
per share exclude the items not included within adjusted operating profit divided by the
diluted per share weighted average number of shares in issue during the period, adjusted for the
effects of any potentially dilutive options.
earnings
To provide a measure of earnings per share excluding the impacts of
per share significant items such as restructuring or acquisition related activity and
other items such as amortisation of intangibles which may not be present in
peer companies which have grown organically.
Prior period revenue and adjusted operating profit at constant currency Revenue and operating profit See note APM 1 Revenue and adjusted operating profit for the prior period retranslated at the
current period's foreign exchange rates.
Organic Revenue See note APM 2 This is the percentage change in revenue from continuing operations in the
current period compared to the prior period, excluding the effects of currency
revenue and adjusted operating profit movements, acquisitions and disposals. This measures the underlying growth or
decline of the business.
To provide a comparable view of the revenue growth of the business from period
to period excluding acquisition and disposal impacts.
Adjusted effective tax charge Effective tax charge See note APM 3 Tax charge adjusted to exclude tax on items not included within adjusted
operating profit divided by adjusted profit before tax, which is also adjusted
to exclude the items not included within adjusted operating profit.
To provide a tax rate which excludes the impact of adjusting items such as
restructuring or acquisition related activity and other items such as
amortisation of intangibles which may not be present in peer companies which
have grown organically.
Return on invested None See note APM 4 Adjusted operating profit for the period divided by average invested capital
for the period. Average invested capital excludes pensions, provisions, tax
capital balances, derivative financial assets and liabilities, cash and borrowings and
is calculated at average rates taking twelve monthly balances.
This measures how efficiently assets are utilised to generate returns with the
target of exceeding the cost to hold the assets.
Statement of financial position measures:
Alternative Performance Measure Closest equivalent statutory measure Note reference to reconciliation to statutory measure Definition and purpose
Net debt Cash and cash equivalents less borrowings and lease liabilities Reconciliation of net cash flow to movement in net (debt)/ funds (note 11) Net debt comprises cash and cash equivalents and borrowings including lease
liabilities.
This is additional information provided which may be helpful to the user in
understanding the liquidity and financial structure of the business.
Leverage (bank covenant) Cash and cash equivalents less borrowings APM 12 Leverage is the net debt defined as per the banking covenants (net debt
(excluding lease liabilities) adjusted for certain terms as per the bank
covenants) divided by EBITDA excluding items removed from adjusted profit and
further adjusted for certain terms as per the bank covenants.
Provides additional information over the Group's financial covenants to assist
with assessing solvency and liquidity.
Net capital and development expenditure None See note APM 5 Purchase of property, plant and equipment net of government grants (excluding
property disposals), purchase of intangibles (excluding acquisition
(net capex) intangibles) and capitalised development.
A measure of the Group's investments in capex and development to support
longer term growth.
Dividend per share Dividend per share Not applicable Amounts payable by dividend in terms of pence per share.
Provides the dividend return per share to shareholders.
Statement of cash flows measures:
Alternative Performance Measure Closest equivalent statutory measure Note reference to reconciliation to statutory measure Definition and purpose
Adjusted operating Operating cash flow See note APM 6 Adjusted operating profit, excluding depreciation of property, plant and
equipment and amortisation of intangible assets less working capital and other
cash flow non-cash movements.
An additional measure to help understand the Group's operating cash
generation.
Adjusted operating Operating cash flow See note APM 7 Adjusted operating cash flow less net capital and development expenditure.
cash flow An additional measure to help understand the Group's operating cash generation
after the deduction of capex.
post capex
Working Cashflow - inventories payables, provisions and receivables See note APM 8 Working capital comprises three statutory cashflow figures:
(increase)/decrease in inventories, increase/(decrease) in payables and
capital provisions, and (increase)/decrease in receivables. This definition includes
the movement of any provisions over trade receivables.
cashflow
To provide users a measure of how effectively the group is managing its
working capital and the resultant impact on liquidity.
Free cash Net increase/ decrease in cash and cash equivalents See note APM 9 Free cash flow represents cash generated from trading after all costs
including restructuring, pension contributions, tax and interest payments.
flow Cashflows to settle LTIP schemes are excluded.
Free cash flow provides a measure of how successful the company is in creating
cash during the period which is then able to be used by the Group at its
discretion.
Cash None See note APM 10 Adjusted operating cash flow post capex (less any property disposals which
were part of restructuring programmes) divided by adjusted operating profit.
conversion
Cash conversion measures how effectively we convert profit into cash and
tracks the management of our working capital and capital expenditure.
R&D cash spend as a percentage of revenue None See note APM 11 R&D cash spend and R&D investment as a percentage of revenue excludes
revenue from contract manufacturing services as these activities do not give
rise to intellectual property.
To provide a measure of the company's expenditure on R&D relative to its
overall size which may be helpful in considering the Group's longer-term
investment in future product pipeline.
APM 1 - Prior period revenue and adjusted operating profit at constant
currency:
£million Europe North America Asia Total
2024 revenue - restated (1) 77.1 94.4 101.8 273.3
Foreign exchange impact - (1.7) (2.3) (4.0)
2024 revenue at 2025 exchange rates 77.1 92.7 99.5 269.3
1. H1 2024 results have been restated as described in note 2f.
£million Europe North America Asia Total Operating Segments Central Total
2024 adjusted operating profit - restated (1) 7.5 1.6 14.0 23.1 (4.1) 19.0
Foreign exchange impact - (0.3) (0.5) (0.8) 0.1 (0.7)
2024 adjusted operating profit at 2025 exchange rates 7.5 1.3 13.5 22.3 (4.0) 18.3
1. H1 2024 results have been restated as described in note 2f.
APM 2 - Organic revenue and adjusted operating profit:
£million Europe North America Asia Total
2025 revenue 68.5 83.2 86.2 237.9
Removal of businesses disposed -
2025 revenue on an organic basis 68.5 83.2 86.2 237.9
2024 revenue 77.1 94.4 101.8 273.3
Removal of businesses disposed (11.8) - (4.3) (16.1)
Foreign exchange impact - (1.7) (2.4) (4.1)
2024 revenue on an organic basis 65.3 92.7 95.1 253.1
Organic revenue increase / (decrease) (%) 5% (10%) (9%) (6%)
£million Europe North America Asia Total Operating Segments Central Total
2025 operating profit 10.7 (5.0) 11.4 17.1 (4.1) 13.0
Removal of businesses disposed - - - - - -
2025 operating profit on an organic basis 10.7 (5.0) 11.4 17.1 (4.1) 13.0
2024 operating profit - restated 7.5 1.6 14.0 23.1 (4.1) 19.0
Removal of businesses disposed 0.5 - (0.3) 0.2 - 0.2
Foreign exchange impact - (0.3) (0.5) (0.8) 0.1 (0.7)
2024 operating profit on an organic basis 8.0 1.3 13.2 22.5 (4.0) 18.5
Organic operating profit increase / (decrease) (%) 34% (485%) (14%) (24%) (2%) (30%)
APM 3 - Effective tax charge:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating profit 13.0 19.0 37.1
Net interest (4.5) (5.2) (9.9)
Adjusted profit before tax 8.5 13.8 27.2
Adjusted tax (5.1) (4.3) (7.7)
Adjusted effective tax rate 60.0% 31.2% 28.3%
1. H1 2024 results have been restated as described in note 2f.
APM 4 - Return on invested capital:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating profit 13.0 19.0 37.1
Adjusted operating profit H2 prior year (adjustment 18.1 24.9 -
required for half year only)
Average invested capital 311.9 418.1 371.0
Return on invested capital 10.0% 10.5% 10.0%
1. H1 2024 results have been restated as described in note 2f.
APM 5 - Net capital and development expenditure (net capex):
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Purchase of property, plant and equipment (3.2) (3.3) (6.9)
Proceeds from sale of investment property, plant and equipment and capital 0.1 0.2 0.5
grants received
Capitalised development expenditure (0.7) (0.5) (1.8)
Purchase of other intangibles - - (0.5)
Net capital and development expenditure (3.8) (3.6) (8.7)
1. H1 2024 results have been restated as described in note 2f.
APM 6 - Adjusted operating cash flow:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating profit 13.0 19.0 37.1
Adjustments for:
Depreciation 5.6 6.7 12.2
Amortisation of intangible assets 1.1 0.7 1.6
Share based payment expense 0.9 1.9 2.2
Scheme funded pension administration costs 0.4 0.7 1.1
Other items (0.5) - 0.2
Decrease / (increase) in inventories 5.2 (2.3) 12.8
Increase in receivables (1.0) (2.8) (2.2)
Decrease in payables and provisions (3.3) (13.7) (12.9)
Adjusted operating cash flow 21.4 10.2 52.1
(Funding)/Reimbursement (of)/from pension schemes - (1.8) 9.4
Restructuring and acquisition related costs (1.4) (0.5) (0.6)
Net cash generated from operations 20.0 7.9 60.9
Net income taxes paid (3.6) (4.5) (9.7)
Net cash flow from operating activities 16.4 3.4 51.2
1. H1 2024 results have been restated as described in note 2f.
APM 7 - Adjusted operating cash flow post capex:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating cash flow 21.4 10.2 52.1
Purchase of property, plant and equipment (3.2) (3.3) (6.9)
Proceeds from sale of property, plant and equipment and government grants 0.1 0.2 0.5
received
Capitalised development expenditure (0.7) (0.5) (1.8)
Purchase of other intangibles - - (0.5)
Adjusted operating cash flow post capex 17.6 6.6 43.4
1. H1 2024 results have been restated as described in note 2f.
APM 8 - Working capital cashflow:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Decrease/(increase) in inventories 5.2 (2.3) 12.8
(Increase)/decrease in receivables (1.0) (2.8) (2.2)
Decrease in payables and provisions (3.3) (13.7) (12.9)
Scheme funded pension administration costs 0.4 0.7 1.1
Working capital cashflow 1.3 (18.1) (1.2)
1. H1 2024 results have been restated as described in note 2f.
APM 9 - Free cash flow:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Net cash flow from operating activities 16.4 3.4 51.2
Net cash flow from investing activities (3.8) 10.6 3.5
Add back: Proceeds from disposal of business - (19.5) (17.5)
Add back: Cash with disposed businesses - 5.3 5.3
Payment of lease liabilities (2.0) (2.0) (4.2)
Interest paid (4.2) (5.6) (10.6)
Free cash flow 6.4 (7.8) 27.7
1. H1 2024 results have been restated as described in note 2f.
APM 10 - Cash conversion:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating profit 13.0 19.0 37.1
Adjusted operating cash flow post capex 17.6 6.6 43.4
Cash conversion 135% 35% 117%
1. H1 2024 results have been restated as described in note 2f.
APM 11 - R&D cash spend as a percentage of revenue:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Revenue (excluding contract manufacturing) 126.2 134.5 269.1
R&D cash spend 5.2 6.3 11.3
R&D cash spend as a percentage of revenue 4.1% 4.7% 4.2%
1. H1 2024 results have been restated as described in note 2f.
APM 12 - Leverage:
£million Six months ended Six months ended Year ended December
June 2025
June 2024
2024
Restated (1)
Adjusted operating profit 13.0 19.0 37.1
Depreciation 5.6 6.7 12.2
Amortisation 1.1 0.7 1.6
EBITDA 19.7 26.4 50.9
Preceding six months' EBITDA (half year only) 24.5 29.4 -
Adjustment to align with covenants (4.8) (7.7) (5.3)
EBITDA (covenants) 39.4 48.1 45.6
Net debt as per note 11 87.7 127.0 97.4
Less: leases (14.4) (17.3) (17.3)
Net debt excluding leases 73.3 109.7 80.1
Adjustment to align with covenants 1.0 1.4 2.0
Net debt (covenants) 74.3 111.1 82.1
Leverage 1.9 2.3 1.8
1. H1 2024 results have been restated as described in note 2f.
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