Business Model & Strategy

Creating Value for Our World

We are a business with high-quality assets and a differentiated market offer, aligned with key global megatrends. We are creating value for our world by helping our customers to succeed, inventing products that support sustainability and that are more sustainable themselves, investing in and creating opportunities for our people, and doing business responsibly.

Our assets

Engineering and manufacturing capability

  • We have deep domain knowledge in our markets and years of experience.
  • We have a particular skill in product design and manufacture to make customers’ end products smaller, lighter and more energy efficient.
  • We specialise in low-volume and high-mix products, enabling us to offer the customisation and flexibility our customers require.
  • Our global footprint enables us to serve customers around the world.

Research and development

  • We have R&D capability around the world with IP and specialist product development skills.
  • Our agile development model enables us to bring new products to market quickly.
  • We have the know-how and experience to comply with complex regulatory approvals.

Access to our customers

  • We have excellent customer credibility, often working in partnership with customers over many years.
  • We seek out customers who value what we do and with whom we can work long term to add value.
  • We have a business development organisation that fosters inter-Group collaboration and cross-selling.

People and culture

  • Our people are talented designers, engineers and manufacturing experts passionate about what they do.
  • Our teams are caring, supportive and service driven. Behaviour is shaped by the TT Way values which guide how we work with each other and our stakeholders.

What makes us different

Four key themes differentiate us from competitors, and we are focused on extending this differentiation:

Cleaner, smarter, healthier

Our target markets of healthcare, aerospace & defence, and automation & electrification have strong long-term structural growth potential. This growth is supported by megatrends pushing for the development of cleaner, smarter and healthier products and applications as we move towards a more sustainable world.

Culture of expertise

Our teams are passionate about finding solutions to the world’s toughest technology challenges and delivering for customers. We champion knowledge, skills, innovation, problem solving and service in four key areas: power; connectivity; sensing; and manufacturing & engineering. We set out to attract, promote and retain the best, diverse, talented people and we are focused on developing expertise at all levels of the organisation.

Design-led technology

We design and manufacture bespoke technology solutions for specific customer applications, creating one-off solutions; customising and packaging products; and creating modular platforms built for customisation. We work from initial concept to production at scale, and from single component to complete device manufacture. We seek single source and designed-in development opportunities that enable us to move up the value chain and create long-term revenue streams.

Real partners

Our success has been built on engaging deeply with our customers and becoming real partners. Customer intimacy enables us to leverage our capabilities to respond to their unique requirements and become a critical contributor to their teams and their products. We retain a flexible approach that enables us to support customers as and when they need us.

Our strategy

Our strategy is designed to leverage our assets and differentiators to unlock TT’s potential and create continuous value for all our stakeholders.

It is enabled by strong capital discipline: a focus on cash generation and careful use of the balance sheet to facilitate continued investment in the quality of our assets and TT’s exposure to long-term growth markets.

our business strategy

The value we create

Customers and suppliers

  • We help our customers succeed by providing critical products and services and solving tough technology challenges.
  • £74.1 million investment in R&D since 2015.
  • We treat our suppliers fairly in line with our TT Way values.

Our People

  • We are focused on employee safety and wellbeing.
  • We invest in our people to grow their skills and experience and create new opportunities.
  • We are committed to creating a work environment where everyone can be themselves every day.
  • We have strong employee engagement evidenced by annual improvements in our engagement survey score since 2014.

Environment and our communities

  • Our solutions contribute to cleaner, smarter and healthier products.
  • 41% reduction in Scope 1 & 2 emissions in two years.
  • Targeting Net Zero Scope 1 & 2 emissions by 2035
  • Targeting 50% reduction in Scope 1 & 2 emissions by 2023 vs 2019.
  • We are committed to social responsibility and ethical business practices.
  • We support our teams to undertake STEM educational outreach in their communities.

Shareholders

  • 14.5p adjusted earnings per share in 2021.
  • Medium-term target of double-digit annual adjusted earnings per share growth.
  • 5.6p dividend per share in 2021.