TT Electronics PLC (LON:TTG) said its order book had rebounded at the end of May and was in line with last year after April saw a sharp drop in revenues.
The electronic components manufacturer said group revenues for the five months to May dropped 14% as it felt the impact of the coronavirus virus restrictions, while revenue in April dropped by 21%.
READ: TT Electronics has seen little disruption to its business but withdraws guidance anyway
The firm has been allowed to operate as an essential business in the UK, albeit at a reduced capacity, although now all facilities are open and staff are gradually returning to work.
TT has been cutting costs and lowering capital expenditure. These initiatives will save £11-12mln in 2023 though some benefits will be seen this and next year to mitigate the demand slowdown in certain end markets and protect margin improvement plans.
Shares rose 5% to 187.42p on Monday at the opening bell.