TT Electronics reports growth in trading update

Woking-based TT Electronics, the provider of engineered electronics for performance critical applications, has published a trading update documenting the company's financial performance in the four month period that ended on 28 October 2023.

Revenue grew by four per cent. The company has said that TT is returning to 'a more normal H1:H2 weighting of revenue', with sales in the four months to October reducing by 8 per cent due to the strong sales number recorded last year.

The firm's board has said that it expects good year on year improvement in revenue and profit but, as result of the machinery breakdown in S&SC, profit is expected to be on the lower end of the company's market expectations.

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Peter France, TT Chief Executive Officer, said: "Having joined in October, I have now visited the majority of our sites, spent time with colleagues and met a number of our customers and other stakeholders.

''I have been greatly impressed by the quality of our people, the strength of our culture and the depth of our customer relationships.

''I am excited about the potential for TT and can already see opportunities to unlock further value across the business, driving growth, efficiencies and performance through capitalising on our positions in the structural growth markets in which we operate.

''I look forward to sharing more detailed thoughts shortly after our FY23 results, as we plan the next phase of our disciplined growth strategy.

''The business continues to show good year over year improvement and I look forward with confidence."

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