TT Electronics plc said trading results in August have been weak as a result of operational efficiency issues in two North American sites which are impacting both revenue and profitability. Group adjusted operating profit for fiscal 2024 is now expected to be in the range 37 million pounds to 42 million pounds. With the lower operating profit, there will be a reduction in free cash flow for 2024, the Group noted. Medium-term targets, including a 12% operating margin by 2026, remain unchanged.
TT Electronics now expects second half revenue to be circa 15 million pounds to 20 million pounds, lower than previously anticipated. The Group now expects North American revenue for 2024 to be around 15 million pounds to 20 million pounds lower in the second half.
TT Electronics said rest of the Group continues to perform broadly in line with expectations.
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