E2V profit drops 13%

Electrical component maker E2V posted a 13% drop in annual pre-tax profit as markets became increasingly challenging in the fourth quarter.Adjusted profit before tax fell to £20.4m for the year ended 31 March 2009. Sales were up 14%, due to the benefit of acquisition and FX movements to £233.2m.Commenting on the results chief executive Keith Attwood said, "e2v faced increasingly challenging markets in the final quarter of the year and the group responded with a range of actions delivering a creditable trading performance."Looking forward, conditions remain tough in the first half of the new financial year, Attwood added, "though the stronger than normal order book, along with a good order pipeline, is encouraging for the second half." "In light of increasing uncertainty in our markets, we are focused on further improving the scalability of our operations during the year."