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
2024
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	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
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
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	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
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