TT Electronics

TTG · Main Market · Technology · mcap £323m · 185.0p

TT Electronics designs and makes electronic components and contract-manufactured electronics for aerospace, defence, medical and industrial customers. It now reports in three regions: Europe, North America and Asia.

Target	Promise	Said	Status
2023
2023	Deliver much improved 2023 cash generation and further leverage reduction.	22 Nov 2023	✓ Kept
	“The Group remains on track to deliver much improved cash generation over last year and a further reduction in leverage.” Result FY23 free cash flow £23.9m versus -£13.1m; net debt fell to £126.2m from £138.4m. “Free cash flow of £23.9 million with cash conversion at 92% and leverage reduced to 1.7x”7 Mar 2024 · Final Results “Following the buy-in of our UK defined benefit pension scheme (the "Scheme") in November 2022, the Scheme is de-risked with scheme liabilities now matched by the buy-in insurance policy. Given the higher level of confidence over there ultimately being a surplus in the Scheme at the point of wind-up, in December, the Scheme made an initial surplus refund to the Company of £5.0 million less tax (£3.2 million net).”7 Mar 2024 · Final Results
2024
9 Apr 2024	Present refreshed strategy at Capital Markets event on 9 April 2024.	7 Mar 2024	✓ Kept
	“Capital Markets event on 9 April to provide details of our actions and plans to accelerate the execution of a refreshed strategy.” Result Capital Markets event held 9 April 2024 with medium-term targets. “TT Electronics plc ("TT", "the Group"), a global engineer and manufacturer of electronic solutions for critical applications is today hosting a Capital Markets Event. The event will provide insights on our improvement plans to unlock value through a focus on Efficiency, Growth and Innovation.”9 Apr 2024 · Capital Markets Event
2024	Deliver 10% adjusted group operating margin in 2024.	7 Mar 2024	✗ Missed · target changed
	“the business remains on track to deliver 10 per cent adjusted operating margin in 2024” Also stated 10 May 2024 Result September 2024 profit warning cut FY24 operating profit to £37m-£42m; FY24 adjusted margin was 7.1%. “The Board's expectations for the year remain unchanged and the business remains on track to deliver 10 per cent adjusted operating margin in 2024.”10 May 2024 · AGM Trading Update “Group adjusted operating profit for FY 2024 is now expected to be in the range £37 million to £42 million”16 Sep 2024 · Trading Update
2024	Recruit a further Non-Executive Director during 2024.	19 Mar 2024	✓ Kept
	“The Board will recruit a further Non-Executive Director during 2024.” Result Inken Braunschmidt appointed Non-Executive Director from 1 July 2024. “Inken Braunschmidt will join the Board as a Non-Executive Director on 1 July 2024, serving on the Nominations Committee, Remuneration Committee and the Audit Committee from appointment.”28 Jun 2024 · NED Appointment
2024	Return leverage to lower end of 1-2x range by end of 2024.	8 Aug 2024	✗ Missed
	“leverage to return to the lower end of our 1-2x target range” Result November 2024 guided leverage around or above top of range; FY24 leverage was 1.8x. “FY24 leverage guidance is unchanged and is expected to be around or marginally above the top end of our stated target range of 1-2x.”14 Nov 2024 · Trading Update
2024	FY24 adjusted operating profit of £37m-£42m after guidance cut.	16 Sep 2024	✓ Kept
	“Medium-term targets, including a 12% operating margin by 2026, remain unchanged” Result FY24 adjusted operating profit £37.1m, within the revised range. “Adjusted operating profit was £37.1 million, 17 per cent lower than the prior year at constant currency”10 Apr 2025 · Final Results
2025
31 Mar 2025	Rectify North American operational efficiency issues by Q1 2025.	16 Sep 2024	✗ Missed
	“Clear plans have been put in place to rectify the issues during the remainder of the year and potentially into Q1 2025” Result Impairments in 2025; Plano closure and Cleveland benefits slower, now medium-term. “In light of the previously disclosed downturn in components demand and operational execution challenges in North America there is likely to be a non-cash accounting impairment of goodwill and fixed assets for the region of up to £35 million”25 Feb 2025 · Update on 2024 Final Results
2025	2025 adjusted operating profit of £32m-£40m (consensus £33.7m).	25 Feb 2025	✗ Missed · target changed
	“The TT Board reconfirms its previous guidance for full year 2025, which was for adjusted operating profit expected to be in line with the then consensus of £33.7 million.” Also stated 24 Nov 2025 Result Guidance cut from £40-46m to £32-40m in April 2025. FY25 organic adjusted operating profit £37.2m. “the Board now expects adjusted operating profit to be in the range of £32 million to £40 million”10 Apr 2025 · Final Results
31 Dec 2025	Close Plano, Texas site by end of 2025.	30 Jun 2025	⏱ Overdue – no update
	“Production will cease and we expect to close the site by the end of 2025” Also stated 24 Sep 2025 Result The deadline has passed; no announcement since says whether it was met. We check again as new reports come in.
31 Dec 2025	Deliver margin improvement in H2 2025.	24 Sep 2025	✓ Kept
	“We expect to deliver margin improvement in the second half given our anticipation of reduced North American losses” Result FY25 organic adjusted operating profit £37.2m versus £13.0m in H1, implying a stronger H2. 25 Mar 2026 · Final Results
Today · 14 Oct 2026
2026
2026	Achieve 12% adjusted operating margin in 2026.	9 Apr 2024	✗ Missed · target changed
	“12 per cent operating margin target for the year and for leverage to return to the lower end of our 1-2x target range” Also stated 8 Aug 2024 · 16 Sep 2024 · 14 Nov 2024 · 12 Dec 2024 Result February 2025: company said it no longer expected this to be delivered in 2026. H1 2026 margin was 8.1%. “We continue to drive our action plans to work towards our medium term 12% adjusted operating margin target, however we now do not expect this to be delivered in 2026.”25 Feb 2025 · Update on 2024 Final Results “Adjusted operating margin up 230bps to 8.1% (HY 2025: 5.8%), driven by the benefits of operational actions taken during 2025 in EMS and Components.”2 Sep 2026 · Half-year Results
2026	Deliver £17m net cost savings and margin improvement by 2026.	8 Aug 2024	… In progress
	“£17 million of potential benefits from cost savings and margin improvement identified by 2026, net of £4 million for reinvestment.” Also stated 10 Apr 2025 Status so far Not yet due.
2026	Deliver £15m cash from inventory in H2 2024 and a further £15m by end of 2026.	8 Aug 2024	… In progress
	“Inventory management project expected to deliver £15 million of cash in H2 2024 and an additional £15 million by 2026” Also stated 10 Apr 2025 Status so far Not yet due.
2026	Complete pension scheme buy-out in 2026.	24 Sep 2025	… In progress
	“we anticipate completing in 2026 after which we can conclude the wind up of the scheme” Status so far Not yet due.
2026	2026 revenue and adjusted operating profit in line with consensus.	25 Mar 2026	✗ Missed · target changed
	“The Board expects 2026 revenue and adjusted operating profit to be in line with Company compiled consensus.” Also stated 15 May 2026 Result September 2026: FY26 guidance upgraded to ahead of market expectations. “Board now expects 2026 adjusted operating profit to be ahead of current market expectations.”2 Sep 2026 · Half-year Results “the Board now expects adjusted operating profit for FY2026 to be ahead of current market expectations.”2 Sep 2026 · Half-year Results
2026	Cost reduction programme to deliver about £3m net benefit in 2026.	25 Mar 2026	… In progress
	“Approximately £3 million of net savings expected during 2026, with annualised run-rate savings expected to be more than double that amount.” Also stated 15 May 2026 · 2 Sep 2026 Status so far Not yet due.
2026	Full-year 2026 cash conversion of 70-80%.	2 Sep 2026	… In progress
	“Cash generation expected to strengthen significantly in the second half, with full-year cash conversion expected to be in the range of 70–80%.” Status so far Not yet due.
31 Dec 2026	Underlying 2026 trading broadly in line with 2025.	24 Nov 2025	✗ Missed · target changed
	“if market activity remains at current levels, underlying trading in 2026 is expected to be broadly in line with 2025” Result Replaced by guidance of 2026 profit in line with consensus, then ahead of expectations (September 2026). “Reflecting this momentum, together with the benefits of our cost reduction programme, the Board now expects adjusted operating profit for FY2026 to be ahead of current market expectations.”2 Sep 2026 · Half-year Results
31 Dec 2026	Return to organic revenue growth in H2 2026.	2 Sep 2026	… In progress
	“Revenue expected to return to organic growth in the second half, supported by a strong order book.” Status so far Not yet due.
2027
FY2027	Annualised cost savings above £6m from FY2027.	2 Sep 2026	… In progress
	“Cost reduction programme on track, with annualised savings in FY2027 and beyond expected to be more than £6 million.” Status so far Not yet due.
2030
2030	Achieve Net Zero on Scope 1&2 emissions.	9 Apr 2024	… In progress
	“bringing forward by 5 years our plan to achieve Net Zero on our Scope 1&2 emissions, from 2035 to 2030” Status so far Not yet due.