9
April 2024
TT Electronics
plc
CAPITAL MARKETS
EVENT
New medium term financial
goals and reporting structure
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.
A laser focus on execution,
supported by a move from our current divisional structure to a
function-led regional structure will leverage our strong
engineering and manufacturing capabilities to unlock value and
improve returns. This focus will drive enhanced performance and
today we are setting new medium-term financial targets
including:
·
Revenue growth ahead of end market growth of
4-6%
·
12% adjusted operating margin in 2026
·
Strong cash conversion of 85%+
·
ROIC target of mid to high-teens
In addition, we are bringing forward
by 5 years our plan to achieve Net Zero on our Scope 1&2
emissions, from 2035 to 2030.
No new information on current year
trading will be shared at the event. Conditions in our markets and
the 2024 guidance provided with our FY23 results on 7 March remain
unchanged.
Peter France, Chief Executive Officer,
commented:
"I am excited to share our plans for
the next stage of TT's evolution, to create long term sustainable
value for all our stakeholders. We have identified numerous
opportunities for commercial and operational improvement and have a
clear strategy to drive enhanced
performance and improved returns."
Event Information
The event will be hosted by Peter
France, Group Chief Executive Officer and Mark Hoad, Group Chief
Financial Officer, who will be joined by senior leaders from across
the Group. The event will be held at Deutsche Numis in London with
an in-person Q&A session and product exhibition.
For those unable to attend in person, the event
will be broadcast live at 2:00pm today.
To access the presentation, please
register in advance using the following webcast link:
https://stream.brrmedia.co.uk/broadcast/65f1e02a3fde7fad508dedd7
A recording of the presentation and
copy of the presentations will be available following the event on
the Group's website at www.ttelectronics.com/investors
If you would like to attend in
person, please email melanie.evans@ttelectronics.com
For
further information please contact:
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|
TT
Electronics plc
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Tel: +44 (0)1932 827 779
|
Peter France, Chief Executive
Officer
Mark Hoad, Chief Financial
Officer
Kate Moy, Head of Investor Relations
and Communications
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MHP
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Tel: +44 (0)20 3128 8100
|
Tim Rowntree / Ollie
Hoare
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About TT Electronics
TT Electronics is a global provider
of engineered electronics for performance critical
applications.
The company operates in industries
where there are structural growth drivers, working with
market-leading customers primarily in the industrial, medical,
aerospace and defence sectors. Products designed and manufactured
include sensors, power management devices and connectivity
solutions. TT has design and manufacturing facilities in the UK,
North America and Asia.
The company has three divisions. The
Power and Connectivity division designs and manufactures power
application products and connectivity devices which enable the
capture and wireless transfer of data. We collaborate with our
customers to develop innovative solutions to optimise their
electronic systems. The Global Manufacturing Solutions division
provides manufacturing services and engineering solutions for our
product divisions and to customers that often require a lower
volume and higher mix of different products. We manufacture complex
integrated product assemblies for our customers and provide
engineering services including designing testing solutions and
value-engineering. The Sensors and Specialist Components division
works with customers to develop standard and customised solutions
including sensors and power management devices. Our solutions
improve the precision, speed and reliability of critical aspects of
our customers' applications.
Cautionary statement
This 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
information, future events or
otherwise.