10th Oct 2008 07:00
10 October 2008
e2v technologies plc
Period-end Update
e2v technologies plc, the specialist developer and manufacturer of high technology components and sub-systems, is providing its regular period-end update ahead of its half year results announcement for the six months ending 30 September 2008, due to be released on 24 November 2008.
Trading has continued in line with expectations and Group results for the first half will show good progress.
The electronic tubes product group has continued to perform strongly across all market sectors, in particular defence, largely due to the supply of over £6m of electronic sub-systems, which are currently undergoing extended evaluation by the US Department of Defense.
The sensors and semiconductors portfolio overall has shown moderate growth in reported currencies. The imaging business has returned to growth, whilst the sensors business has shown strong sales growth, offsetting a slower performance in speciality semiconductors.
As at 30 September 2008 net debt was approximately £87m, a £6m reduction from 31 March 2008. The exchange rate movement on the euro denominated element amounted to only £0.6m of this reduction.
The UK Fit for the Future programme incurred costs of £1.4m in the first half, which included the final phase of consultancy. Annualised savings of c£0.7m are expected from this phase of the programme with £0.3m being achieved in the current year.
All regulatory clearances required to complete the acquisition of QP Semiconductor, Inc., announced on 1 September 2008, have been received and formal completion is anticipated shortly.
Customer demand continues to remain resilient to the broader global economic slow down and, whilst the cost environment remains challenging, our current order book provides a robust platform for the group as we move into the second half.
The results for the full year are anticipated to be in line with market expectations.
For further information:
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e2v technologies plc |
Tel: +44 (0)1245 493493 |
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Keith Attwood/Mike Hannant |
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www.e2v.com |
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Financial Dynamics |
Tel: +44 (0)20 7269 7225 |
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Jon Simmons/Sophie Kernon |
NOTES FOR EDITORS
e2v
e2v is a leading designer, developer and manufacturer of specialised components and subsystems, falling within two product groups:
These products enable some of the world's leading OEMs to deliver innovative systems for medical and science, aerospace and defence, and commercial and industrial applications.
For the year ended 31 March 2008, e2v achieved sales of £205m and is listed on the London Stock Exchange (e2v.l). In September 2008 e2v announced the proposed acquisition of QP Semiconductor, Inc, a leading designer and supplier of specialty semiconductor
components used in military and aerospace applications based in Santa Clara, California, USA. In July 2006 e2v acquired a leading designer, manufacturer and distributor of specialised electronic components and sub-systems, based in Grenoble, France and in May of 2007 e2v plc acquired MiCS Microchemical Systems SA a designer and manufacturer of semiconductor based gas sensors. These acquisitions strengthen the Group's position as a major global provider of specialised electronic components and subsystems.
e2v's products are supplied into three core market areas:
Medical & Science: Sensor technology includes imaging sensors for intra-oral and panoramic dental X-ray, mammography, life science applications and X-ray microscopy. Electronic tubes are the enabling technology behind radiotherapy cancer treatments, microwave medical therapy and high-energy physics.
Aerospace & Defence: Sensor technology includes products for military surveillance, targeting and guidance, space-based imaging and astronomy, radar, electronic warfare, and broadband data converters and microprocessors for aerospace applications. Electronic tubes provide the enabling technology behind radars, electronic countermeasures (ECM), electronic warfare and satellite communications.
Commercial & Industrial: Sensor technology includes marine radars, industrial safety sensors, automotive radars and alarms, thermal imaging cameras used by fire fighters, CCD and CMOS high resolution line scan cameras for industrial inspection. Electronic tubes provide enabling technology behind TV broadcast, satellite communications, marine radar and food & industrial processing.
The overall purpose of the business is to grow sustainable shareholder value whilst appropriately meeting the expectations of customers, people, partners, suppliers and the wider community. e2v's vision is to create value through bright ideas in technology and materials science. The Company's mission is to place customers at the heart of the business, providing enabling products of premium quality that extend technical barriers and enhance the competitive position of our partners.
e2v has approximately 1,800 employees worldwide with three UK based manufacturing sites in Chelmsford, Lincoln and High Wycombe, one in Grenoble, France and one in Corcelles, Switzerland. In addition e2v has sales offices in the UK, USA, Germany, France and Hong Kong, as well as a network of distributors and representatives covering other key territories.
Further information on e2v is available from its website, www.e2v.com
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