LONDON (Alliance News) - e2v technologies PLC Monday maintained its guidance for the full year, although it said it continues to be cautious over the broader economic environment and "further adverse movements in exchange rates", as it saw pretax profit rise in the half year to end-September.
The technology firm proposed an interim dividend per share of 1.5 pence, up from 1.4 pence a year before. e2v posted a pretax profit of GBP13.0 million, up from GBP10.8 million a year before, as revenue rose to GBP102.3 million from GBP98.1 million.
Revenue growth in its RF Power division was driven by increasing demand in the radiotherapy, commercial and industrial and defence. In its Imaging segment growth came from Asia, and the delivery of projects in the space market, offsetting lower demand for thermal imaging.
In its semiconductors segment e2v said it had seen improved demand for semiconductors in the US, although this was offset by lower demand for microprocessors and assembly and test services in Europe, along with an expected decline in its smart sensor business.
e2v posted exceptional costs of GBP4.1 million, mostly due to costs relating to its acquisition of AnaFocus in September, and restructuring of the company's management and space imaging teams. It expects to see costs of GBP3 million in the second half for further restructuring, which it expects to lead to ongoing cost reduction.
"Going forward we will continue to focus on our customers, embed our new culture, grow organically with acceleration from acquisitions, sustain innovation and operate with excellence to unleash the potential of the business. We believe that these strategic drivers will enable us to achieve our goal of doubling the group's adjusted operating profit by 2020," Chief Executive Steve Blair said in a statement.
e2v technologies are trading up 0.9% at 161.25 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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