TT Electronics FY revenues down, warns of tariff impacts

(Sharecast News) - Electronic components manufacturer TT Electronics warned on Thursday that US tariffs would hurt profits and potentially impact its ability to continue trading. TT Electronics stated Donald Trump's newly imposed tariffs, which led to retaliatory charges from the likes of China, had brought about an "uncertain and volatile macroeconomic backdrop", which "could have an impact beyond that assumed in the severe downside case".

The London-listed group also posted its FY24 results on Thursday, revealing that revenues had slipped 15% to £521.1m, while operating profits were down 21% at £37.1m and operating profit margins had slipped by 90 basis points 7.1%. Pre-tax losses were down 27% at £27.2m.

TT Electronics also booked a £52.2m write-down as a result of previously warned of issues in the US, with weaker demand for its components and ongoing production issues at its factories.

As of 1100 BST, TT shares were down 11.90% at 73.30p.









Reporting by Iain Gilbert at Sharecast.com