TT Electronics backs outlook amid strong start to 2022

(Alliance News) - TT Electronics PLC on Friday confirmed its outlook for the year, as it reported strong revenue growth in the year-to-date.

Shares in TT Electronics were up 6.0% at 187.20 pence in London on Friday morning.

The Woking, England-based manufacturer of electronic components said that for the four months to April, revenue was 6% higher than the previous year on a constant currency basis and 5% higher on an organic basis.

The company's order book also continues to run ahead of revenue, with book-to-bill - the ratio of orders received to the amount billed for a specific period - running at 151%.

TT Electronics said that it "continues to execute well" in the face of Covid-19 disruption and supply chain issues. Given these constraints, TT Electronics has continued to invest in inventory to support business growth.

"As a result, our net debt and leverage at the end of June are expected to increase from the year-end position before reducing to more normalised levels by the year end," the company said.

The outlook for the full year is unchanged, the company said, as it works to mitigate pressures from Covid and a volatile supply chain environment.

By Sophie Rose; sophierose@alliancenews.com

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