LONDON (Alliance News) - e2v Technologies PLC Monday reported higher revenues but a slight decline in its pretax profit in its recently completed financial year, due to a business and property disposal gain recorded in the prior year.
e2V produces components and sub-systems for the medical, science, aerospace, defence, commercial and industrial markets.
"In terms of outlook, whilst we remain cautious about the broader economic environment, we anticipate modest revenue growth in the current financial year," said Chief Executive Steve Blair in a statement.
The high performance systems technology company raised its full-year dividend by 7% to 4.4 pence per share, up from 4.1 pence a year earlier.
e2V reported a pretax profit of GBP33.1 million for the year ended March 31, 3.2% lower than the prior year's GBP34.2 million, after having benefited from a GBP6.8 million gain on the disposal of its non-core businesses in the earlier year. Research and development activities also increased in the recent year.
However, excluding the prior year's gain, pretax profit increased to GBP33.6 million, up from GBP30.8 million the prior year, supported by a return to revenues growth, with revenues up 11% at GBP217.7 million in the recent year from GBP196.8 million year before.
"This performance reflects a strong finish to the year with increased activity in the fourth quarter in Asian industrial markets, increased demand from our US defence customers especially for semiconductors and a step up in deliveries in our UK space activities," the company said.
e2v Technologies shares were trading 1.6% higher at 158.75 pence Monday afternoon.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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