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: +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.