(Alliance News) - TT Electronics PLC on Tuesday hosted a capital markets event, at which the company upgraded its financial and sustainability targets.
TT Electronics is a Woking, England-based electronic component manufacturer.
TT said that its "laser focus on execution" would "leverage our strong engineering and manufacturing capabilities to unlock value and improve returns".
As a result, the company has set out new medium-term financial targets including revenue growth of between 4% and 6%, an operating margin of 12% in 2026, a cash conversion rate of over 85% and a return on invested capital in the mid- to high-teens.
In 2023, the company delivered GBP613.9 million in revenue, operating profit of GBP52.8 million at an 8.6% margin, a cash conversion rate of 92% and a 12% ROIC.
In addition, TT has brought forward its target of achieving net zero on its scope 1 & 2 emissions by five years to 2030 from 2035.
Chief Executive Officer Peter France said: "I am excited to share our plans for the next stage of TT's evolution, to create long term sustainable value for all our stakeholders. We have identified numerous opportunities for commercial and operational improvement and have a clear strategy to drive enhanced performance and improved returns."
Shares in TT were down 0.7% at 153.50 pence each in London on Tuesday afternoon. The company's shares are down 23% over the past 12 months.
By Hugh Cameron, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
Tt Electronics (TTG)