TT Electronics plc (TTG) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for being here at short notice, and thank you for being on the webcast if you're listening live or on record. I have to say it's been quite a long year and a short night, but we are now here, so I'd like to just start by acknowledging that 2024 was a difficult year for TT. Notwithstanding that, actually there were lots of positive spots. We had excellent performance in Europe, excellent performance in Asia. Our cash flow has really stepped up and helped our balance sheet. And we've completed what I think are very close to the final steps in sealing off and closing down and taking the risk out of our pension scheme. And there's been many other achievements as well. On the other hand, we've had plenty of challenges and a few opportunities to exploit. I'd like to thank Peter France for all of his contribution in 2024 and before. I'd like to thank the leadership team and I'd like to thank everyone in TT for navigating those challenges and delivering what in the circumstances was a good outcome. As you know, the accounts were delayed. But they are now resolved, signed, and we are announcing our results today. And that means we can put even more focus on delivering 2025. Eric's kindly agreed to step up as acting CEO. And as I'm sure all of you know, Mark is retiring today. He's done an incredible, is it nine or 10 years service and overseen the transformation of the company. the pension scheme and provided us with a platform for growth. On behalf of the company, the board and all of our stakeholders, I'd really like to express our deep gratitude and thanks. And we wish you well with your non-executive director roles and your extra leisure time. So looking forwards, I think our operations are stabilising. We still have good end markets, but as everyone knows, we a...