12 Apr 2010 07:00
12 April 2010
e2v technologies plc
2010 Year End Trading update
e2v technologies, the specialist developer and manufacturer of high technology components and sub-systems, today provides its period end trading update for the year ended 31 March 2010.
Group revenue for the full year was around £201m, down by approximately 14% compared to last financial year at reported levels. The year-end order book of £161m represents an increase of 4.5% on last year at reported levels. The order book for delivery in the 2010/11 financial year is £132m. It includes last time buy orders and compares to £104m for the same period last year.
Net borrowing has reduced to below £46m at 31 March 2010, compared with £52.4m at 31 December 2009. Full year adjusted operating profit is expected to be ahead of current market expectations.
The Electron Devices and Sub-systems division, in the second half, has seen demand hold up in the radiotherapy sector and, whilst its commercial and industrial markets have performed less well, there are signs of some recovery in these areas as we move into the new financial year. As previously reported, sales to the defence sector have performed less well than originally expected.
The Imaging division's performance in the second half reflected the continued lower dental demand, in part offset by increased activity in the space sector, where specific programmes have been delivered earlier than expected. As we reported in our Update on Restructuring on 1 April, there has been a major effort in our Grenoble facility to reduce overdue orders and meet customer commitments, now that the formal consultation process for the proposed restructuring has concluded. This has helped to recover performance in the industrial market for cameras.
Specialist Semiconductors has benefited from improved performance in Grenoble in the latter part of March, in addition to steady progress in the US business, QP.
Sensors, the smallest division, has achieved modest sales growth across its portfolio of businesses.
Keith Attwood, Group CEO commented "In conjunction with the positive support from shareholders for the equity raise, a huge effort across the organisation has enabled the Group to deliver a creditable performance last year in very difficult circumstances. Our order profile supports management's view that our markets have largely stabilised. As we implement the restructuring programme in the UK and France, we continue to focus our attention on our customers' needs and on shaping the business strategy to return the Group to growth. 2010/11 is a transitional year for the business and, despite the attendant challenges, the outlook for the year is positive."
e2v will announce full year results for the year ended 31 March 2010 on Monday 7 June 2010.
For further information:
| e2v technologies plc | Tel: +44 (0)1245 493493 |
| Keith Attwood/Charles Hindson | |
| www.e2v.com | |
| Financial Dynamics | Tel: +44 (0)20 7831 3113 |
| Susanne Yule/Sophie Kernon |
NOTES FOR EDITORS:
e2v
e2v's objective is to be a global leader in the design and supply of specialised components and sub-systems that enable the world's leading systems companies to deliver innovative solutions for medical & science, aerospace & defence, and commercial & industrial markets.
e2v is organised into four divisions:
·; High performance electron devices and subsystems for applications including defence electronic countermeasures, radiotherapy cancer treatment, radar systems, industrial heating, satellite communications amplifiers and digital television transmitters.
·; Advanced CCD and CMOS imaging sensors and cameras for applications including space, science and life science imaging, industrial process control, intra-oral and panoramic dental X-ray systems, military surveillance and automotive imaging.
·; Specialist Semiconductors - including logic, memory and microprocessors for high reliability microprocessor and MRAM requirements, in partnership with Freescale Semiconductor and Everspin, mission-critical avionics and defence programs requiring high reliability integrated circuits, high speed data converters and sensor data acquisition utilising mixed signal application specific devices.
·; A range of professional sensing products for applications including environmental safety, x-ray spectroscopy, automotive alarm and security systems, microwave radar and safety and arming devices, fire rescue and security thermal imaging.
The Company is headquartered in the United Kingdom and has six production facilities across Europe and North America. e2v also operates a global network of sales and technical support offices, supported by local distributors and resellers.
Further information is available from www.e2v.com