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23 Feb 2023 07:00
23 February 2023
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
TT Electronics plc
FY 22 Post Close Trading Update
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 year ended 31 December 2022.
FY22 outcome ahead of expectations
Group revenue growth in the final two months of the year continued to be strong, with organic growth1 for the year of 20% reflecting our successful positioning in structural growth markets and new project and customer wins.
Adjusted profit before tax for the year is expected to be at or around the top end of the range of analyst consensus expectations2 with the outperformance driven by our Global Manufacturing Solutions (GMS) business.
Leverage has reduced back into our 1-2 times target range as expected.
We enter 2023 with good momentum, underpinned by a strong order book and will provide a full update with our Annual Results presentation on 8 March.
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. Organic growth is stated at constant currency and is calculated by comparing current year actual results to prior year results retranslated at current year actual exchange rates. Organic revenue excludes the impact of acquisitions and disposals.
2. Analyst consensus expectations for 2022 adjusted profit before tax are in a range of £36.5m to £39.4m.
3. TT will announce its full year results on 8 March 2023.
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 industrial, medical, aerospace and defence sectors. Products designed and manufactured include sensors, power management devices and connectivity solutions. TT has design and manufacturing facilities in the UK, US, Sweden and Asia.
The company has three divisions. The Power and Connectivity division designs and manufactures power application products and connectivity devices which enable the capture and wireless transfer of data. We collaborate with our customers to develop innovative solutions to optimise their electronic systems. The Global Manufacturing Solutions division provides manufacturing services and engineering solutions for our product divisions and to customers that often require a lower volume and higher mix of different products. We manufacture complex integrated product assemblies for our customers and provide engineering services including designing testing solutions and value-engineering. The Sensors and Specialist Components division works with customers to develop standard and customised solutions including sensors and power management devices. Our solutions improve the precision, speed and reliability of critical aspects of our customers' applications.
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.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 as it forms part of domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018, as amended (together, "MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person responsible for arranging the release of this announcement on behalf of TT Electronics is Mark Hoad, Chief Financial Officer.
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