REG - TT Electronics PLC - New Reporting Structure

TT electronicsAnnouncement

26/06/2024 14:00

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RNS Number : 0095U  TT Electronics PLC  26 June 2024

 

 

26 June 2024

 

TT Electronics plc

 

New Reporting Structure

 

 

TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of
electronic solutions for critical applications, today publishes historical
financial information for 2023, including the half year splits, reflecting the
new, three region structure.

 

As part of the Capital Market Event on 9 April we articulated the move to a
function-led, regional reporting structure. This move from our previous
divisional structure will enable us to better leverage our strong engineering
and manufacturing capabilities to improve execution, unlock value and improve
returns.

 

The regional reporting structure will be used with effect from the forthcoming
interim 2024 results, to be announced on 8 August. For purposes of
transparency, supplementary disclosure covering the previous divisional
segment performance will be provided at both the interim 2024 results and for
the full year 2024 results in early March 2025. There will be no further
divisional disclosure beyond this point.

 

The historical financial information contained in the following tables is
unaudited.

 

 

 Revenue £m     H1 2023  H2 2023  FY 2023
 Europe         81.5     88.1     169.6
 North America  115.4    114.1    229.5
 Asia           112.2    102.6    214.8
 Group revenue  309.1    304.8    613.9

 

 

 

 Operating profit £m   H1 2023  H2 2023  FY 2023
 Europe                4.3      7.6      11.9
 North America         13.1     12.0     25.1
 Asia                  12.1     11.8     23.9
 Central costs         (3.9)    (4.2)    (8.1)
 Operating profit      25.6     27.2     52.8

 

 

Regional performance in FY23

 

Within the 2023 performance Project Albert accounted for £51.4 million of
revenue in Europe and £17.2 million in Asia. By regional operating profit,
the three business units disposed accounted for £0.2 million in Europe and
£1.7 million in Asia respectively.

 

Pass through revenue is all within the Asia region and was circa £12.6
million in H1 and circa £19.9 million in the full year 2023.

 

 

EUROPE

 

                               H1 2023  H2 2023  FY 2023
 Revenue                       81.5     88.1     169.6
 Adjusted operating profit(1)  4.3      7.6      11.9
 Adjusted operating margin(1)  5.3%     8.6%     7.0%

 

NORTH AMERICA

 

                               H1 2023  H2 2023  FY 2023
 Revenue                       115.4    114.1    229.5
 Adjusted operating profit(1)  13.1     12.0     25.1
 Adjusted operating margin(1)  11.4%    10.5%    10.9%

 

ASIA

 

                               H1 2023  H2 2023  FY 2023
 Revenue                       112.2    102.6    214.8
 Adjusted operating profit(1)  12.1     11.8     23.9
 Adjusted operating margin(1)  10.8%    11.5%    11.1%

 

 

2023 END MARKET EXPOSURE

 %                                 Europe  North America  Asia
 Healthcare                        3.8     16.7           47.2
 Aerospace & Defence               41.6    21.1           2.1
 Automation & Electrification      33.3    26.4           48.6
 Distribution channel              21.3    35.8           2.1
 Total                             100     100            100

 

 

 

 

 

 

 

 For further information please contact:

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

 Mark Hoad, Chief Financial Officer

 Kate Moy, Head of Investor Relations and Communications

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

 ( )

Notes:

 

1.   Definitions of Adjusted operating profit and Adjusted operating margin
can be found on page 174 of our 2023 Annual Report and Accounts

2.   TT will announce its half year results on 8 August 2024.

3.   Latest company compiled view of market expectations shows a consensus
adjusted profit before tax of £46.2 million within a range of £45.0 million
to £47.3 million for the year ended December 2024.

 

About TT Electronics

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

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

Cautionary statement

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

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