Deputy Business Editor

Published 10th Apr 2025, 08:41 BST

The Woking-based manufacturer of electronics said the import taxes and retaliatory measures had led to an “uncertain and volatile” backdrop. The company, which has factories in the UK, North America and Asia, reported a statutory pre-tax loss of £33.4 million for 2024.

It has previously warned of difficulty in its US branch, with slumping demand for the components it produces and ongoing production issues at its factories.

This led to it booking a £52.2 million write-down due to the challenges.

TT Electronics has warned that US tariffs will knock its profits and risks impacting its ability to keep operating, as its announced the sudden departure of its boss. (Photo by Yui Mok/PA Wire)

It also revealed it shed 500 staff over the first half of the year in North America which it expects to result in £12 million of yearly cost savings.

The US woes offset strong performances for the business in Europe and Asia, with the firm generating £521.1 million in revenues for the year.

Meanwhile, TT Electronics announced its chief executive Peter France was stepping down “with immediate effect”.

He has been replaced by finance chief Eric Lakin on an interim basis while the firm said it will be “assessing all options” for its struggling components division.

Manufacturer TT Electronics warns over profit hit from US tariffs

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