REG - TT Electronics PLC - Update on 2024 Final Results

TT electronicsAnnouncement

25/02/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250225:nRSY2796Ya&default-theme=true

RNS Number : 2796Y  TT Electronics PLC  25 February 2025

 

 

25 February 2025

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

FOR IMMEDIATE RELEASE

 

TT Electronics plc

 

Update on 2024 Final Results

 

TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of
electronic solutions for critical applications, announces a delay of up to two
weeks(1) to the release of its final results for the year ended 31 December
2024 due to additional time required to complete the audit.

 

In relation to the 2024 results TT confirms that subject to the conclusion of
the audit:

 

·    Adjusted operating profit is expected to be in line with prior
guidance

·    Free cash flow generation has been strong and therefore year-end
leverage is within our target range of 1-2x

·    In light of the previously disclosed downturn in components demand
and operational execution challenges in North America there is likely to be a
non-cash accounting impairment of goodwill and fixed assets for the region of
up to £35 million as well as a prior year results adjustment of up to £6
million in relation to the Cleveland site

 

We will provide further details on the outlook for 2025 at the time of our
results announcement. We continue to expect good adjusted operating profit
progress relative to 2024 but expect the outturn to be in the range of £40
million to £46 million. The improvement plan for Cleveland is underway but
the benefits will take longer to realise than originally anticipated. We
continue to drive our action plans to work towards our medium term 12%
adjusted operating margin target, however we now do not expect this to be
delivered in 2026.

 

We will confirm the revised results announcement date in due course. Further
to the announcement made on 8 January, Mark Hoad will now remain as CFO until
the revised results announcement date and only then step down as CFO and from
the Board, with Eric Lakin then appointed CFO and a member of the Board. Mark
will remain available to the Company until 30 September 2025.

 

 

 For further information please contact:

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

 Mark Hoad, Chief Financial Officer

 Eric Lakin, Chief Financial Officer Designate

 Kate Moy, Head of Investor Relations and Communications

 MHP                                       Tel: +44 (0)7817 458804
 Tim Rowntree / Ollie Hoare
 ()

 ( )

Notes:

 

1.   The results announcement was previously scheduled for 4 March 2025

2.   Latest company compiled view of market expectations shows a consensus
adjusted operating profit of £37.1 million within a range of £36.9 million
to £37.5 million for the year ended December 2024.

3.   Latest company compiled view of market expectations shows a consensus
adjusted operating profit of £49.3 million within a range of £47.4 million
to £51.7 million for the year ended December 2025.

 

The person responsible for making this announcement is Mark Hoad, Chief
Financial Officer, TT Electronics plc.

 

About TT Electronics

 

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

 

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

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCDGGDDDGDDGUS