24th Sep 2025 11:27
(Alliance News) - TT Electronics PLC on Wednesday announced a statutory loss amid restructuring costs and lower revenue, while it expects annual adjusted operating profit to meet market expectations.
The Woking, England-based manufacturer of electronic components said it swung to a statutory pretax loss of GBP9.6 million in the first half of 2025, from a profit of GBP6.7 million a year prior.
Adjusted pretax profit fell 38% to GBP8.5 million from GBP13.8 million, while organic adjusted operating profit was down 30% to GBP13.0 million from GBP18.5 million.
Revenue declined 13% to GBP237.9 million from GBP273.3 million.
Cost of sales came down 12% to GBP191.7 million from GBP214.3 million, while administrative costs were 20% higher, at GBP42.3 million from GBP35.3 million.
Restructuring costs were GBP13.8 million in the first half of 2025, compared to none a year prior.
TT Electronics declared no interim dividend, noting continued uncertainty over the macroeconomic environment, compared to 2.25 pence a year ago.
Looking ahead, the company said: "In the first half of 2025 we have implemented two important strategic actions to improve our future financial performance. We have made the difficult decision to close our Plano site and have launched a strategic review of our components business. Our Cleveland improvement plan is on track and delivering improved performance.
"These improvement actions in North America, further progress in Europe and a resilient contribution from Asia are expected to underpin the step up in second half profitability. The board therefore expects full year adjusted operating profit to be in line with market expectations."
TT Electronics cites a market consensus of GBP33.7 million for adjusted operating profit with a range of GBP31.6 million to GBP35.6 million. The consensus would be down 9.2% from GBP37.1 million in 2024, and 28% lower than GBP47.1 million in 2023.
TT Electronics shares were 0.9% higher at 109.00 pence each on Wednesday morning in London.
By Tom Budszus, Alliance News slot editor
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