TT Electronics plc (TTG) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

I'd like to welcome you all in the room and on the webcast to the TT Electronics 2024 interim results presentation. It is a very busy morning for results and we thank you all for making the early time to be with us. I'm really pleased to have our CFO Mark Hode with me this morning and he will take us through the interim results. I will then talk about the great progress we have made in the first half on Project Dynamo, and I will provide more detail on the eight work streams that have been initiated, together with some early results. We will then take Q&A. And I just wanted to say before we get into the detail of the presentation that we have been very active over the period. Despite some challenging macro conditions, during the first half we have completed the sale of three business units described as Project Albert. We have reorganized the management structure, refreshed our strategy, and introduced our self-help program across the business, Project Dynamo. This early progress not only supports reaching our expectations and targets for the year, but it also strengthens our view that we are well positioned for significant further improvement over the coming years. So here are some of the key messages for today's presentation. Group revenue is at 1% organically, excluding the unwind of pass-through revenue and adjusting for the Project Albert divestment, which completed at the end of March. Our regional businesses have had a mixed period, depending on product mix and end market focus. We have seen strong European and Asian growth, and this has been offset by weakness in our North American region, where we have experienced significant headwinds in the shorter cycle components business with a significant impact on three sites where de-stocking has persisted for longer ...