Business
New Reporting Structure
New Reporting Structure.
About this update from Tt Electronics Plc
[{"type":"text","content":"\n\n \n \n\n26 June 2024\n \nTT Electronics plc\n \nNew Reporting Structure\n \n \nTT Electronics plc (\"TT\", \"the Group\"), a global engineer and manufacturer of electronic solutions for critical applications, today publishes historical financial information for 2023, including the half year splits, reflecting the new, three region structure.\n \nAs part of the Capital Market Event on 9 April we articulated the move to a function-led, regional reporting structure. This move from our previous divisional structure will enable us to better leverage our strong engineering and manufacturing capabilities to improve execution, unlock value and improve returns. \n \nThe regional reporting structure will be used with effect from the forthcoming interim 2024 results, to be announced on 8 August. For purposes of transparency, supplementary disclosure covering the previous divisional segment performance will be provided at both the interim 2024 results and for the full year 2024 results in early March 2025. There will be no further divisional disclosure beyond this point.\n \nThe historical financial information contained in the following tables is unaudited.\n \n \n\n\n\n\nRevenue £m\n\n\nH1 2023\n\n\nH2 2023\n\n\nFY 2023\n\n\n\n\nEurope\n\n\n81.5\n\n\n88.1\n\n\n169.6\n\n\n\n\nNorth America\n\n\n115.4\n\n\n114.1\n\n\n229.5\n\n\n\n\nAsia\n\n\n112.2\n\n\n102.6\n\n\n214.8\n\n\n\n\nGroup revenue\n\n\n309.1\n\n\n304.8\n\n\n613.9\n\n\n\n\n \n \n \n\n\n\n\nOperating profit £m\n\n\nH1 2023\n\n\nH2 2023\n\n\nFY 2023\n\n\n\n\nEurope\n\n\n4.3\n\n\n7.6\n\n\n11.9\n\n\n\n\nNorth America\n\n\n13.1\n\n\n12.0\n\n\n25.1\n\n\n\n\nAsia\n\n\n12.1\n\n\n11.8\n\n\n23.9\n\n\n\n\nCentral costs\n\n\n(3.9)\n\n\n(4.2)\n\n\n(8.1)\n\n\n\n\nOperating profit\n\n\n25.6\n\n\n27.2\n\n\n52.8\n\n\n\n\n \n \nRegional performance in FY23\n \nWithin the 2023 performance Project Albert accounted for £51.4 million of revenue in Europe and £17.2 million in Asia. By regional operating profit, the three business units disposed accounted for £0.2 million in Europe and £1.7 million in Asia respectively.\n \nPass through revenue is all within the Asia region and was circa £12.6 million in H1 and circa £19.9 million in the full year 2023.\n \n&nb...