TT Electronics PLC (LON:TTG) said its business has suffered relatively little disruption from the coronavirus (COVID-19) outbreak.
It has, nevertheless, withdrawn financial guidance for the current year and withdrawn its recommendation of the payment of a final dividend in respect of 2019.
The electronic components manufacturer said nearly all of its facilities remain open save for three small facilities in Malaysia, Tunisia, and Barbados.
Like many other companies, TT is moving into cash conservation mode but stressed it “entered this period of uncertainty in a strong financial position”.
It ended 2019 with net debt (excluding lease liabilities) of £51.5mln, £60.2mln of cash and £66.8mln of undrawn lending facilities.
"We delivered a good performance in the first quarter whilst managing disruption in Asia,” said Richard Tyson, the chief executive officer of TT.
“The period ahead is uncertain for everyone as the current global crisis develops and TT will not be immune, but our strategy has positioned TT well to deal with these challenges,” he added.