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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.
MILPITAS, CA – Global semiconductor equipment sales rose 10% in 2024 to $117.1 billion, setting a new high, according to SEMI’s latest report. Growth was led by wafer processing and back-end equipment, with the latter rebounding sharply due to rising demand for AI and high-bandwidth memory production.
China drove much of the momentum, with investments climbing 35% to $49.6 billion, making it the top regional market. Korea followed at $20.5 billion, up 3%, while Taiwan dropped 16% to $16.6 billion. North America saw a 14% increase to $13.7 billion, reflecting renewed domestic manufacturing efforts. Europe and Japan saw declines, down 25% and 1%, respectively.
SEMI president and CEO Ajit Manocha said the record-setting year was fueled by “regional investment trends, advancements in logic and memory, and AI-driven demand.”
FRAMINGHAM, MA – Global PC shipments reached 63.2 million units in the first quarter, a 4.9% increase year-over-year, according to IDC. Growth was fueled by strong commercial demand and efforts to accelerate shipments ahead of potential US tariff impacts, the research firm added.
“The ecosystem pulled forward deliveries to avoid early tariff exposure,” said IDC’s Jean Philippe Bouchard. He noted the April 2 tariff announcement could drive up costs and slow IT spending through the rest of the year.
Key drivers — like the Windows 10 refresh cycle and demand for AI-ready devices — remain in place. However, IDC warned that inflationary pressure from tariffs, however, plus coupled with broader economic uncertainty, could dampen demand in upcoming quarters.
IDC's Ryan Reith added that vendors are now reassessing manufacturing and logistics strategies. “Price increases on hardware are likely to be passed directly to consumers,” he said, pointing to ongoing volatility in trade policy and limited visibility in the supply chain.
Top 5 PC Vendors, Q1 2025 (YoY Growth):
- Lenovo: 15.2M units (+10.8%)
- HP: 12.8M (+6.1%)
- Dell: 9.6M (+3.0%)
- Apple: 5.5M (+14.1%)
- ASUS: 4.0M (+11.1%)
Combined, these five vendors accounted for nearly 75% of the market. Lenovo led with 24.1% share, followed by HP at 20.2%.
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