13th Jul 2016 09:05
LONDON (Alliance News) - e2v Technologies PLC provided an update ahead of their AGM on Wednesday, while the company's finance director announced he would not seek re-election at next year's AGM.
The semiconductor and imaging technology company said the first quarter, "typically a quiet period" for the company, was "muted". They expect orders in June to support growth in the second quarter.
The company broke down trading updates by professional imaging, space imaging, RF power and semiconductors.
Professional imaging has seen demand continue to grow for industrial automation, particularly in Asia, the company said. Orders increased in June, and e2v said they had a "good pipeline of opportunities" to support revenue throughout the rest of the year.
Space imaging orders were steady in the short term, but the company said it will continue to experience challenges as space imaging is a "long cycle business" due to its "technically demanding programmes".
The company reported the RF Power division saw improving demand in radiotherapy and continued to deliver under its existing contracts, which are expected to be renewed before the year end.
In Semiconductors, e2v said it achieved strong order intake in June, which should support revenue delivery in the second quarter. The anticipated revenue is expected to be supported by a partnership with Peregrine Semiconductors and product line acquisitions made in the prior year.
The company also said it anticipates the weakening of the pound following the Brexit vote will increase revenues. A one cent strengthening in the dollar relative to sterling will increase reported revenues by around GBP1 million, the company said. A one cent strengthening in the euro relative to sterling is estimated to increase reported revenue by GBP300,000.
The company's finance director Charles Hindson also informed the board that he will not stand for re-election at next year's AGM on Wednesday, having served on the board for seven years.
"On behalf of the board, I would like to thank [Hindson] for his commitment to e2v, and the significant contribution he has made to the group over the last seven years," Neil Johnson said, chairman of e2v.
Shares at e2v were down 2.0% at 210.96 pence Wednesday morning.
By Lucy Heming; [email protected]
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