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:
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| 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 | ||
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| MHP | Tel: +44 (0)20 3128 8100 | |
| Tim Rowntree / Ollie Hoare | ||
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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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