TT Electronic to make further job cuts, revenues down YOY

14th Nov 2024 09:09

(Sharecast News) - Electronic components manufacturer TT Electronics said on Thursday that it has been forced to make further job cuts in an effort to mitigate the impact of "substantial market changes".

TT Electronics said revenues had fallen 1% year-on-year in the four months ended 26 October and expects FY24 adjusted operating profits to be at the lower end of previous guidance of £37.0m to £42.0m, principally due to subdued demand in North America.

In order to combat this, TT Electronics said it was implementing a number of measures to strengthen its inventory and planning management, in addition to reducing its headcount, which it believes will result in increased productivity and streamlined processes.

Separately, TT Electronics revealed that chief financial officer Mark Hoad has announced his intention to retire from the company. Hoad will remain with TT until 30 September or until a suitable replacement can be found.

As of 1140 GMT, TT Electronics shares were up 0.53% at 75.20p.

Reporting by Iain Gilbert at Sharecast.com