Monday, e2v technologies Plc (E2V.L) posted a 14% growth in annual revenues and said it expects full-year adjusted profit before tax to be in line with market expectations. In addition, the company said it would cut jobs in both UK and France and is seeking a buyer for its Lincoln-based microwave microelectronics business unit.
In its trading update for the year ended 31 March 2009, the company said its group revenue for the full year increased about 14% and order book at the year-end advanced by 25% to GBP 153 million, both due to acquisition and positive exchange rate movement.
The maker of high technology components and sub-systems said it expects full-year adjusted profit before tax, including the contribution from the QP Semiconductor acquisition, to be in line with current market expectations.
e2v technologies stated that market conditions and trading have remained unchanged since the last interim management statement in January, except for Specialist Semiconductor division. QP's strong market position remains unchanged, while programme phasing is having an impact on its sales growth. In both the Imaging and the Electron Devices & Subsystems divisions, the group benefited from improved operational execution on contracts.
Net debt at year-end was below GBP 138 million and e2v expects free cash flow for the year to have doubled to about GBP 30 million.
Keith Attwood, Chief Executive, commented: "Although e2v's markets are being affected by the global downturn, the company has a strong order book. Whilst trading in certain sectors is difficult, our sales in others are bearing up well."
e2v technologies noted that its priority for the new financial year is to reduce net debt whilst safeguarding both cash and profit generation. The group said it has put in place a wide-ranging programme to reduce cost base by about GBP 5 million, on an annualised basis, which includes a reduction in headcount in both the UK and France. The group anticipates one-off costs associated with this programme to be about GBP 5 million that would be provided for in the 2008/09 financial year, with initial benefits of about GBP 4 million in 2009/10.
Following a review of its portfolio, e2v technologies has decided to seek a buyer for its Lincoln-based microwave microelectronics business unit, which forms part of the Sensors division. The group launched a formal disposal process on April 6 and if a deal goes ahead, this is likely to constitute a Class 1 transaction.
Additionally, the group stated that the search for a new Finance Director to replace Mike Hannant, who would step down from the role on the appointment of a replacement, is progressing well.
e2v would announce its full year results for the year ended 31 March 2009 on 8th June 2009.
E2V.L is currently trading on London stock exchange at 43.50 pence, up 6.10%.
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