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(Alliance News) - TT Electronics PLC on Thursday reported a dip in revenue but an uptick in adjusted profit for 2023 after securing several "significant contract wins".
TT is a Woking, England-based electronic component manufacturer. Shares in the company were up 5.1% at 146.86 pence each in London on Thursday afternoon.
Statutory pretax loss narrowed to GBP1.1 million in 2023 from GBP10.1 million the year before, which TT credited to the successful conversion of its strong 2023 order book and a strong recovery in its Power & Connectivity business.
On an adjusted basis, profit rose 6.4% to GBP43.0 million from GBP40.4 million a year ago.
Meanwhile, revenue dipped by 0.5% to GBP613.9 million from GBP617.0 million in 2022.
Losses per share were down 48% to 3.9 pence from 7.5p.
The firm secured 37 "significant contract wins" in 2023, which it expects to deliver around GBP250 million in revenue over the contracts' lifetimes.
These included a new healthcare customer at the company's Cleveland facility, which TT will support in meeting US Food & Drug Administration regulatory requirements, and a contract for printed circuit board assemblies at its Kuantan site in Malaysia.
Given its strong performance, the company has proposed a final dividend of 4.65p per share, up 8.1% from 2022's final payment of 4.30p. This brings TT's total 2023 payout to 6.80p, up 7.9% from 6.30p in 2022.
Looking ahead, TT said that its order book visibility remains above historic, pre-Covid levels, with total orders at December 31 representing around 11 months worth of revenues.
TT also said that it was on track to deliver a 10% operating margin in 2024, above 2023's margin of 8.9%.
By Hugh Cameron, Alliance News reporter
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