TT Electronics PLC (LSE:TTG) shares crashed by a third on Monday in response to a trading update from the engineering and manufacturing company.
Due to a decline in order intake from TT Electronics’ North America-based customers, the group conceded that second-half revenue is now expected to be £15-20 million lower than previously anticipated.
It blamed "operational efficiency issues" in two sites that were impacting revenue and profitability, along with delays, where recent orders for the North American components business have been stipulating delivery in 2025, not in 2024 as was expected.
“The drop-through impact of the revenue shortfall and higher production costs are expected to impact the North American operating profit by £13 million to £18 million,” the Woking-based group said.
Shares fell 33% to 94.8p.