TT Electronics has downgraded results expectations after it encountered operational efficiency issues at two North American sites.

The FTSE All-Share company warned that second half revenues will be between £15 million and £20 million lower than previously anticipated.

The impact of the revenue shortfall and higher production costs are expected to impact the North American operating profit by £13 million to £18 million.

It also reported that recent order intake in its North American components business has been for delivery through 2025, not in 2024 as had been expected.

While the rest of the group has performed in line with expectations, adjusted operating profit is now expected to be in the range £37 million and £42 million compared with the City consensus of £55.4 million.

07:24 , Graeme Evans

FTSE 250-listed TI Fluid Systems today said it had rejected a takeover approach worth about £875 million.

The bidder is Canada's ABC Technologies, a supplier to the global automotive industry that is backed by Apollo Global Management.

TI Fluid said the latest 176p-a-share proposal, which follows one pitched at 165p at the end of August, significantly undervalued the company and its prospects.

A week featuring interest rate decisions on both sides of the Atlantic is set to begin in calm fashion, with the FTSE 100 index seen broadly unchanged.

The Federal Reserve is due to announce a cut in borrowing costs on Wednesday, the day before the Bank of England's likely no change decision.

The monetary policy outlook and ongoing speculation that the Fed might consider cutting by an aggressive half percentage point has put the US dollar under pressure to leave the pound at $1.3155.

The Dow Jones Industrial Average and Nasdaq Composite rose 0.7% on Friday, just ahead of the 0.5% improvement by the S&P 500 index.

Brent Crude starts the week at $71.72 a barrel, having dipped below $69 last week.