Last checked at 9 May 2023 07:00
9 May 2023
TT Electronics plc
AGM Trading Update
Positive start to the year with full year outlook unchanged
TT Electronics plc ("TT", "the Group"), a global provider of engineered electronics for performance critical applications, publishes the following trading update on the Group's performance for the four months to the end of April 2023 (the 'period'), ahead of the AGM taking place later today.
Positive start and near full order book coverage
Momentum from last year has continued and trading in the year to date has been encouraging, reflecting the structural growth of TT's end-markets and the strength of our customer relationships. Group revenue in the period was 16 per cent higher than the previous year on a constant currency basis.
The performance in our Power and Connectivity division is much improved on the first half of 2022 and our Sensors and Specialist Components and GMS divisions continue to perform well.
As anticipated, the pace of order intake is returning to more normal levels. The Group's order book remains close to record levels and current year expected revenues are now almost fully covered by orders.
Outlook - full year expectations unchanged
Whilst we are cognisant of the continuing global macro-economic uncertainty, the outlook for our markets remains good. The positive start to the year and the order book coverage underpins the Board's confidence in an unchanged outlook for the year. The Board remains focused on executing on the order book, delivering continued strong profit growth and driving free cashflow.
Commenting Richard Tyson, Chief Executive Officer said:
"We are pleased that the momentum from last year has continued into 2023, with the year starting well. The improved performance of our Power and Connectivity division is particularly notable. Overall, the Group continues to deliver good growth in revenues and our order book position supports our outlook for the full year."
For further information please contact:
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TT Electronics plc | Tel: +44 (0)1932 827 779 | |
Richard Tyson, 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 | ||
Notes:
1. Constant currency growth is calculated by comparing current year actual results to prior year results retranslated at current year actual exchange rates.
2. TT will announce its half year results on 3 August 2023.
3. Latest company compiled view of market expectations shows a consensus adjusted profit before tax of £44.8 million within a range of £41.5 million to £46.0 million for the year ended December 2023.
About TT Electronics
TT Electronics is a global provider of engineered electronics for performance critical applications.
TT solves electronics challenges for a sustainable world. TT benefits from enduring megatrends in structurally high-growth markets including healthcare, aerospace, defence, electrification and automation. TT invests in R&D to create designed-in products where reliability is mission critical. Products designed and manufactured include sensors, power management and connectivity solutions. TT has design and manufacturing facilities in the UK, North America, Sweden 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.