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RNS Number : 4124E  TT Electronics PLC  15 May 2026

15 May 2026

 

 

TT Electronics plc

AGM Trading Update

 

TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of
electronic solutions for critical applications, publishes the following
trading update on the Group's performance for the four months to 30 April 2026
(the "period"), ahead of the AGM taking place later today.

Trading update

Group revenue in the period was 4.8% lower than the prior year on an
organic(1) basis, reflecting expected softer EMS end-market demand, as set out
in the FY25 results.

Revenues relating to the previously highlighted EMS customer transferred from
TT Suzhou to TT Kuantan were £10 million lower than the same period last year
which reflects the impact of safety stock built ahead of the transfer.
Excluding the impact of this customer and the Plano site closure, Group
revenues increased organically¹ by 2.9%.

Book-to-bill was 107%, underpinned largely by Aerospace and Defence where
structural tailwinds continue to drive strong customer demand.

Operational progress

The Group continues to make good progress against the four strategic
priorities outlined at the full year results in March.

Transition to a divisional structure has been implemented, improving alignment
between how the Group operates and how customers engage with TT.

Our targeted cost reduction programme is progressing in line with expectations
and remains on track to deliver a net benefit of approximately £3 million in
2026, with the medium-term annualised run-rate expected to reach double this
level.

Sales transformation continues to gain traction, with investment in business
development capability, CRM and pricing discipline beginning to yield results.

The Board continues to evaluate a range of options regarding the Components
business, in a disciplined and value-led manner.

Outlook

While the Aerospace and Defence sector remains buoyant, demand in EMS
end-markets continues to be impacted by macroeconomic uncertainty and customer
caution.

Guidance remains unchanged and the Board continues to expect adjusted
operating profit for the year to be in line with company compiled
consensus.(3)

Update on Chief Financial Officer appointment

Further to the announcement on 10 April 2026, Ian Ashton will join TT on 29
June 2026, following the completion of his notice period at SIG plc. He will
succeed Richard Webb, who will remain in role until after Ian's arrival to
support an orderly handover.

Results Date

The Interim results for the six months to 30 June 2026 will be announced on 2
September 2026.

Eric Lakin, Chief Executive Officer of TT Electronics, commented:

"We are making good progress against our strategic priorities, and the
business is in a meaningfully stronger position than it was a year ago. While
we are mindful of near-term uncertainty in some end markets, we are encouraged
by the continued strength in Aerospace & Defence and the progress we are
making operationally. Our full year guidance is unchanged, and the Board
remains confident in the Group's ability to deliver further operational and
financial progress."

Notes

(1) Organic revenue is on a constant currency basis.(2)

(2) Constant currency performance is calculated by translating prior period
performance at the current period's FX rates.

(3) Company compiled consensus for adjusted operating profit is a range £32.6
million to £38.5 million.

 

For further information, please contact:

 TT Electronics

 Eric Lakin, Chief Executive Officer

 Richard Webb, Interim Chief Financial Officer

 Matthew Lee, Investor Relations                 Email: ttelectronics@equitory.com (mailto:ttelectronics@equitory.com)

 Jack Bradshaw, Investor Relations               Tel: +44 (0)1932 827 779

 Berenberg

 Harry Nicholas / Ciaran Walsh                   Tel: +44 (0) 2032 077 800

 MHP                                             Email: ttelectronicsteam@mhpgroup.com (mailto:ttelectronicsteam@mhpgroup.com)

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

 

 

 

 

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
historically 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.

 

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