Shares in TT Electronics (TTG) slumped as much as 21p or 25% to a decade-low price of 62p at the open on 10 April after the specialist manufacturer reported widening losses for 2024 and announced its chief executive would step down.

For the year to December 2024, the Woking-based company, which supplies electronic parts to the health care, aerospace and defence and automotive sectors, posted a 15% fall in sales to £521 million and a pre-tax loss of £33.4 million against £6.8 million.

The firm blamed the deterioration in its results on weakness in the North American region caused by a ‘subdued’ components market and ‘operational challenges’ in Cleveland and Kansas City.

It also said that while it expected to be compliant with its covenants in both its base and severe downside cases, the ‘uncertain and volatile macroeconomic backdrop could have an impact beyond severe downside case creating material uncertainty over going concern in certain extreme scenarios’.

Given the increased market uncertainty arising from president  Donald Trump’s trade tariffs and the possible impact on demand for its products, the company said it saw ‘a wider range of potential outcomes’ for this year.

Peter France, who was appointed chief executive just 18 months ago, is stepping down with immediate effect to be replaced on an interim basis by chief financial officer Eric Lakin while the board explores other candidates. 

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