Hill & Smith PLC (LON:HILS), the metals treatment specialist, said it was profitable over April and May even though revenues dropped sharply as a result of coronavirus lockdown restrictions.
Revenue over the two months was 26% lower than the same period last year, the group said in a trading update.
May saw a modest recovery, but overall Hill & Smith remains cautious given the level of market uncertainty.
All UK operations are now back at work Hill & Smith added, with the galvanizing and lighting column businesses in France and pipe supports in India also open.
The US businesses remained open throughout the period.
Net debt as at May 31, 2020, was £202.0mln with £185.3mln of headroom against its borrowing facilities of £354mln.
Trading up until the middle of March had been strong, it said, with sales 4.8% higher to £170.7m and underlying operating profit also growing year-on-year.