TT Electronics PLC on Friday reported a drop in its first quarter revenue.

Shares in TT Electronics were trading 8.0% lower at 156.49 pence each in London on Friday morning.

The Woking, England-based electronic component manufacturer said in the four months ended April 30, revenue fell 2% on an organic basis from a year earlier, but rose 1% excluding the impact of pass-through revenues, which it says continue to reduce.

Looking ahead, Chief Executive Officer Peter France commented: ‘Whilst there is continuing global macroeconomic uncertainty, the outlook for our markets remains good. The significant orderbook coverage and our prompt actions across the business underpin the board’s confidence in an unchanged outlook for the year and the delivery of the 10% operating margin target. Project Dynamo is progressing at pace and the new organisational structure is already helping to optimise resources, drive operational standards and increase customer intimacy as we remain laser focused on efficiency, growth and innovation.’

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