TT Electronics shares down as first quarter sales dip

(Alliance News) - TT Electronics PLC on Friday reported a drop in its first quarter ...

Alliance News 10 May, 2024 | 10:42AM
Email Form Facebook Twitter LinkedIn RSS

(Alliance News) - TT Electronics PLC on Friday reported a drop in its first quarter revenue.

Shares in TT Electronics were trading 8.0% lower at 156.49 pence each in London on Friday morning.

The Woking, England-based electronic component manufacturer said in the four months ended April 30, revenue fell 2% on an organic basis from a year earlier, but rose 1% excluding the impact of pass-through revenues, which it says continue to reduce.

Looking ahead, Chief Executive Officer Peter France commented: "Whilst there is continuing global macroeconomic uncertainty, the outlook for our markets remains good. The significant orderbook coverage and our prompt actions across the business underpin the board's confidence in an unchanged outlook for the year and the delivery of the 10% operating margin target. Project Dynamo is progressing at pace and the new organisational structure is already helping to optimise resources, drive operational standards and increase customer intimacy as we remain laser focused on efficiency, growth and innovation."

By Sabrina Penty, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Email Form Facebook Twitter LinkedIn RSS

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
TT Electronics PLC 154.50 GBX -2.22 -

About Author

Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

© Copyright 2024 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Modern Slavery Statement        Cookie Settings        Disclosures