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(Sharecast News) - Electronic components manufacturer TT Electronics said on Tuesday that its FY results had been delayed by "up to two weeks" and warned that its North American unit had experienced "operational execution challenges".
TT Electronics said FY adjusted operating profits were expected to be in line with prior guidance and expects its outturn to be in the range of £40.0m-46.0m.
The AIM-listed firm also highlighted that a downturn in components demand and operational execution challenges in North America meant there was likely to be a non-cash accounting impairment of goodwill and fixed assets of up to £35.0m, as well as a prior year results adjustment of up to £6.0m in relation to its Cleveland site
"The improvement plan for Cleveland is underway but the benefits will take longer to realise than originally anticipated. We continue to drive our action plans to work towards our medium-term 12% adjusted operating margin target. However, we now do not expect this to be delivered in 2026," said TT Electronics.
As of 0940 GMT, TT Electronics shares were down 8.74% at 76.66p.
Reporting by Iain Gilbert at Sharecast.com
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