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TT Electronics (TTG) investor relations material
TT Electronics H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Profitability and margin expansion were driven by strategic actions, operational execution, and leadership changes, including a new CFO, Chairman, and Senior Independent Director.
Adjusted operating profit rose 37% year-over-year to £18.5m, with margin up 230bps to 8.1%.
Divisional realignment, cost reduction, and sales transformation initiatives delivered tangible progress, with Components division returning to profitability and Cleveland turnaround completed.
Board expects full-year adjusted operating profit to exceed current market expectations.
Statutory operating profit reached £9.7m, reversing a £3.0m loss in H1 2025.
Financial highlights
Revenue was £228.1m, down 2.7% year-over-year due to one-off factors, but underlying sales grew ~4%.
Adjusted operating profit: £18.5m (up 37%); adjusted margin: 8.1% (up 230bps); adjusted EPS: 5.7p (up from 1.9p).
ROIC improved to 17.7% (up 770bps); leverage at 1.1x, net debt at £52.0m.
Free cash flow was nil in H1 due to working capital outflows; cash conversion at 42%.
Book-to-bill ratio at 112%, with order book up 20% year-over-year to £550m.
Outlook and guidance
Adjusted operating profit for FY2026 expected ahead of consensus; revenue to return to organic growth in H2.
Leaner operating model and cost reduction programme to drive continued margin expansion and >£6m annualised savings from FY2027.
Full-year cash conversion targeted at 70–80%, supporting further deleveraging.
No dividend expected for 2026; policy under review for future periods.
- Stable 2025 results with margin gains, Power growth, and strong cash flow; 2026 outlook resilient.TTG
H2 2025 - European growth offset by North American and Asian losses; profit guidance maintained.TTG
H1 2025 - Revenue down 5.5% organically; profit guidance maintained amid operational restructuring.TTG
Trading Update - 2024 profit guidance cut sharply due to North American operational issues; 12% margin target for 2026 reaffirmed.TTG
Trading Update - Cost savings and growth in Europe and Asia offset North American weakness; FY24 profit at low end.TTG
Trading Update - Project Dynamo drives £17m in savings as strong orders and margin focus support H2 outlook.TTG
H1 2024 - Revenue and profit fell, but cash flow and margins improved in Europe and Asia; dividend paused.TTG
H2 2024
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