New Reporting Structure

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 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: [phone]
Peter France, Chief Executive Officer Mark Hoad, Chief Financial Officer Kate Moy, Head of Investor Relations and Communications
MHP	Tel: [phone]
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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