TT Electronics raises full-year profit forecast
TT Electronics forecast full-year profit above market views after a 37 percent rise in half-year earnings. Shares jumped following cost-cutting measures and strong orders. The firm also weighed a potential divestment of its components unit.
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TT Electronics forecast full-year adjusted operating profit to top market expectations on Wednesday morning after posting a 37% jump in half-year profit. The United Kingdom components maker is benefiting from cost cuts and rising orders. Shares surged 12% following the update.
CEO Eric Lakin said restructuring actions taken last year are delivering tangible results. Revenue is expected to return to organic growth in the second half.
