TT Electronics (GB:TTG) has released an update.
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TT Electronics has announced a lower than anticipated performance in North America due to operational inefficiencies, resulting in a revenue shortfall of £15-20 million and a reduced operating profit expectation for FY 2024, now between £37 million and £42 million. The company is implementing cost reductions and efficiency actions to address these issues and maintains its medium-term target of a 12% operating margin by 2026. Despite the North American setback, the rest of the Group is performing as expected.
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