(Reuters) -Britain’s TT Electronics cut its annual profit forecast on Thursday and said its CEO was leaving, sending its shares down more than 25% as it warned tariffs would compound already tough trading at its North American components business.
The company said it would consider all options for the North American components business, which accounted for about 15% of revenue in 2024 and has been struggling with weak demand and operational issues at its Cleveland site.
It also said CEO Peter France was stepping down, with chief financial officer-designate Eric Lakin named acting CEO with immediate effect.
Shares in TT Electronics, which makes electrical components and provides electronics manufacturing services, plunged 25.5% to 62 pence in early trade, on track for their worst day since September 2024.
“The lack of apparent progress in fixing the issues in North America is very concerning,” Jefferies analysts said.
TT Electronics said it expected adjusted operating profit of between 32 million and 40 million pounds ($41-$51 million) this year, down from previous guidance of 40 million to 46 million pounds.
($1 = 0.7776 pounds)
(Reporting by Yamini Kalia in Bengaluru. Editing by Janane Venkatraman and Mark Potter)
