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	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	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 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