TT Electronics reported revenue at its electronics manufacturing services segment fell 15% year-over-year to £252.8 million ($332 million), while adjusted operating profit rose 10% to £24.7 million.

The company, which also operates separate power and components business units, said persistint softness in demand for the latter has opened the door to a possible diversification of the unit.

Consolidated full-year 2024 revenue of £521.1 million ($664 million), down 15%, with adjusted operating profit falling 21% to £37.1 million ($47 million). The company cited strong gains in Europe and Asia, but performance was hampered by weak demand and operational issues in North America.

The company reported an operating loss of £23.5 million, which included a £52.2 million impairment charge. Free cash flow improved 16% to £27.7 million, and net debt fell 23% to £97.4 million.

Adjusted operating margin fell 40 basis points to 7.1% on a constant currency basis.

Guidance for 2025 sees adjusted operating profit between £32 million and £40 million, as the company continues its cost-saving plans amid demand uncertainty.