TT Electronics PLC AGM Trading Update (4516Y)
13 May 2021 - 4:00PM
UK Regulatory
TIDMTTG
RNS Number : 4516Y
TT Electronics PLC
13 May 2021
13 May 2021
TT Electronics plc
AGM Trading Update
STRONG YEAR TO DATE TRADING
TT Electronics (the "Group"), a global provider of engineered
electronics for performance critical applications, publishes this
trading update for the four months to the end of April 2021, ahead
of the AGM taking place later today.
Trading in the first four months of the year has continued to
strengthen with Group revenue 7% above last year on an organic(1)
basis, building on the strong start made in the first two months of
the year. As the market recovers, we have seen strong growth across
healthcare, automation and electrification markets as demand for
products that enable a cleaner, smarter and healthier environment
continues.
We continue to book orders ahead of revenue, enhancing order
book visibility compared to previous years, with strength across
all three divisions, although we are mindful of the potential
impact on output of supply chain shortages and logistics
challenges. As a result, the Board now anticipates adjusted
operating profit for the full year to be towards the upper end of
market expectations(2) .
The Torotel business, acquired in November 2020, is performing
well and we have won a new multi-year contract with an existing TT
aerospace and defence customer. With the cross-selling win and the
pipeline of new business opportunities, Torotel is now expected to
perform ahead of plan.
The Group's ongoing self-help programme continues to progress
well, supporting our plans to deliver double digit operating
margins, with preparations underway for the planned site closures
to improve efficiency further.
Commenting Richard Tyson, Chief Executive Officer said:
"We have seen continuing good growth across our key markets and
in our three divisions in the period and now anticipate our
performance for the year to be towards the upper end of market
expectations, reflecting our exposure to structural growth
dynamics. Our strong growth, the contribution from acquisitions
made in 2020, and our self-help actions give us confidence in 2021
and beyond."
For further information please
contact:
TT Electronics plc Tel: +44 (0)1932 827 779
Richard Tyson, Chief Executive Officer
Mark Hoad, Chief Financial Officer
Emma Darke, Head of Investor Relations and Communications
MHP Tel: +44 (0)20 3128 8100
Tim Rowntree / Rachel Mann
Notes
(1) Excluding the impact of exchange rates, acquisitions and
disposals
(2) Latest company compiled view of market expectations shows a
consensus adjusted operating profit of GBP34.5m with a range of
GBP33.6m to GBP35.4m
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 trading 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.
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END
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