10th Apr 2025 09:38
(Alliance News) - TT Electronics PLC reported on Thursday that its chief executive officer will step down immediately as the firm's pretax loss widened in 2024.
The Woking, England-based company provides engineered electronics for performance critical appliances.
Peter France, who has been the company's CEO for 18 months, will be replaced by Chief Financial Officer Eric Larkin who will become acting CEO with immediate effect. Larkin will also be joining as an executive director on Thursday.
The company said it has commenced a process to appoint an interim CFO.
Its shares fell 10% to 74.48 pence on Thursday morning in London.
TT Electronics reported a pretax loss of GBP33.4 million for 2024, widening from GBP6.8 million in 2023.
Revenue fell 15% to GBP521.1 million from GBP613.9 million, with TT noting that growth seen in Europe was offset by the North America region.
TT decided to pause its dividend due to macro-economic uncertainty caused by the Trump tariffs, and as such did not recommend a final dividend for 2024. In 2023, the firm declared a final dividend of 4.65 pence per share.
Its total dividend for 2024 therefore matched its interim dividend at 2.25p, down 67% on the previous year's 6.8p.
Looking ahead, TT said it expects adjusted operating profit of between GBP32 million and GBP40 million for 2025. This compares to GBP37.1 million in 2024.
It added that it does not expect to achieve a 12% operating margin in 2026. In 2024, it reported an adjusted operating margin of 7.1%.
TT however remains confident in the medium-term, with this underpinned by its operating improvement plans, expectation of continued momentum in Europe and Asia, and an anticipated improvement in North America.
By Olivia Mason-Myhill, Alliance News reporter
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