TT Electronics PLC AGM Trading Update (6466Y)
09 Maggio 2023 - 8:00AM
UK Regulatory
TIDMTTG
RNS Number : 6466Y
TT Electronics PLC
09 May 2023
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:
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
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 GBP44.8 million within a
range of GBP41.5 million to GBP46.0 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 inf ormation,
future events or otherwise.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
TSTFZGGKVKZGFZM
(END) Dow Jones Newswires
May 09, 2023 02:00 ET (06:00 GMT)
Grafico Azioni Tt Electronics (LSE:TTG)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni Tt Electronics (LSE:TTG)
Storico
Da Apr 2023 a Apr 2024