AGM Trading Update
Summary by AI BETAClose X
15 May 2026
TT Electronics plc
AGM Trading Update
TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of electronic solutions for critical applications, publishes the following trading update on the Group's performance for the four months to 30 April 2026 (the "period"), ahead of the AGM taking place later today.
Trading update
Group revenue in the period was 4.8% lower than the prior year on an organic1 basis, reflecting expected softer EMS end-market demand, as set out in the FY25 results.
Revenues relating to the previously highlighted EMS customer transferred from TT Suzhou to TT Kuantan were £10 million lower than the same period last year which reflects the impact of safety stock built ahead of the transfer. Excluding the impact of this customer and the Plano site closure, Group revenues increased organically¹ by 2.9%.
Book-to-bill was 107%, underpinned largely by Aerospace and Defence where structural tailwinds continue to drive strong customer demand.
Operational progress
The Group continues to make good progress against the four strategic priorities outlined at the full year results in March.
Transition to a divisional structure has been implemented, improving alignment between how the Group operates and how customers engage with TT.
Our targeted cost reduction programme is progressing in line with expectations and remains on track to deliver a net benefit of approximately £3 million in 2026, with the medium-term annualised run-rate expected to reach double this level.
Sales transformation continues to gain traction, with investment in business development capability, CRM and pricing discipline beginning to yield results.
The Board continues to evaluate a range of options regarding the Components business, in a disciplined and value-led manner.
Outlook
While the Aerospace and Defence sector remains buoyant, demand in EMS end-markets continues to be impacted by macroeconomic uncertainty and customer caution.
Guidance remains unchanged and the Board continues to expect adjusted operating profit for the year to be in line with company compiled consensus.3
Update on Chief Financial Officer appointment
Further to the announcement on 10 April 2026, Ian Ashton will join TT on 29 June 2026, following the completion of his notice period at SIG plc. He will succeed Richard Webb, who will remain in role until after Ian's arrival to support an orderly handover.
Results Date
The Interim results for the six months to 30 June 2026 will be announced on 2 September 2026.
Eric Lakin, Chief Executive Officer of TT Electronics, commented:
"We are making good progress against our strategic priorities, and the business is in a meaningfully stronger position than it was a year ago. While we are mindful of near-term uncertainty in some end markets, we are encouraged by the continued strength in Aerospace & Defence and the progress we are making operationally. Our full year guidance is unchanged, and the Board remains confident in the Group's ability to deliver further operational and financial progress."
Notes
1 Organic revenue is on a constant currency basis.2
2 Constant currency performance is calculated by translating prior period performance at the current period's FX rates.
3 Company compiled consensus for adjusted operating profit is a range £32.6 million to £38.5 million.
For further information, please contact:
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TT Electronics Eric Lakin, Chief Executive Officer Richard Webb, Interim Chief Financial Officer Matthew Lee, Investor Relations Jack Bradshaw, Investor Relations
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Email: ttelectronics@equitory.com Tel: +44 (0)1932 827 779 |
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Berenberg Harry Nicholas / Ciaran Walsh
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Tel: +44 (0) 2032 077 800 |
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MHP Tim Rowntree / Ollie Hoare |
Email: ttelectronicsteam@mhpgroup.com Tel: +44 (0) 7817 458804 |
About TT Electronics
TT Electronics is a global provider of engineered electronics for performance critical applications. TT engineers and manufactures electronic solutions enabling a safer, healthier and more sustainable world. TT benefits from historically high-growth markets including Healthcare, Aerospace, Defence, Automation and Electrification. 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, and Asia.
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