Sensor and component-technologies provider TT Electronics announced at its recent annual general meeting that it is still recovering from the significant drop in customer demand in January and February.
The group admitted last March that the global economic recession severely affected most of its major markets.
At the meeting, the company assured stakeholders that action had been taken to reduce costs.
It was claimed there is not yet evidence of an improvement in key markets, but overall trading remains in line with expectations.
Since January TT Electronics claimed it has developed new products in its components division, including components for the kinetic-energy recovery system introduced on Formula 1 cars.
TT Electronics hopes this technology will be applied to other markets in the future.
The company also announced a new range of connectors for military use.
TT Electronics is still developing its secure-power division and has recently opened an office in
The company cut jobs in its IP multimedia subsystem division by merging management of its
In its German sensors division, TT Electronics cut 225 jobs.