Company Announcements

New Reporting Structure

Source: RNS
RNS Number : 0095U
TT Electronics PLC
26 June 2024
 

        

 


26 June 2024

 

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 profit1

4.3

7.6

11.9

Adjusted operating margin1

5.3%

8.6%

7.0%

 

NORTH AMERICA

 


H1 2023

H2 2023

FY 2023

Revenue

115.4

114.1

229.5

Adjusted operating profit1

13.1

12.0

25.1

Adjusted operating margin1

11.4%

10.5%

10.9%

 

ASIA

 


H1 2023

H2 2023

FY 2023

Revenue

112.2

102.6

214.8

Adjusted operating profit1

12.1

11.8

23.9

Adjusted operating margin1

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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