TT Electronics plc (TTG) Q2 2023 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning everyone and thank you for joining me for the TT Electronics 2023 half year results presentation. I'd also like to extend a warm welcome to those of you joining on the webcast. And as usual with me today is our CFO Mark Hode. Now it's our last double act together as I will be leaving in the autumn and Mark will be working with our new CEO Peter France who many of you will know. So now we'll run through the presentation and then open up for your questions. We've had a really good first half, building on the momentum of last year, and I'm delighted with these results. We've delivered on all the key priorities we set, and at the start of the year, we said we needed to execute on the strong order book that we had and deliver more organic growth, improve margins, continue the improvement in power and connectivity performance, return to positive free cash flow following a period of investment, and finally, reduce leverage. And we've ticked the box on all of them. But importantly, there's plenty more to come. The team have been brilliant as always. I'm really proud of the job that they continue to do. They've delivered strong growth while working closely with our customers to secure more new projects and continue to build for the future. So a big thank you from me to them. There are lots of high points in these results, all of which show we are starting to reap the rewards of the actions taken to reshape the business. The order book remains healthy with good visibility despite the normalization in order intake, which is happening as we expected. And I'll come back to this in more detail later. Our key customers have continued to grow in partnership with us. We've secured 15 new significant contract wins in the first half with over £150 million of potential life...