E2V sees revenues fall

Electrical component maker E2V, which is going through a restructuring process, said full-year revenue was around 14% below last year's reported levels.Revenue for the year ended 31 March was around £201m, though adjusted operating profit is expected to be ahead of current market expectations.The year-end order book of £161m represents an increase of 4.5% on last year, while the order book for delivery in the 2010/11 financial year is £132m. It includes last time buy orders and compares to £104m for the same period last year. Net borrowing has reduced to below £46m at 31 March 2010, compared with £52.4m at 31 December 2009.The Electron Devices and Sub-systems division, in the second half, has seen demand hold up in the radiotherapy sector and, while its commercial and industrial markets have performed less well, there are signs of some recovery in these areas. As previously reported, sales to the defence sector have performed less well than originally expected. The Imaging division's performance in the second half reflected the continued lower dental demand, in part offset by increased activity in the space sector, where specific programmes have been delivered earlier than expected. Specialist Semiconductors has benefited from improved performance in Grenoble in the latter part of March, in addition to steady progress in the US business, QP. Sensors, the smallest division, has achieved modest sales growth across its portfolio of businesses. Chief executive Keith Attwood said: "In conjunction with the positive support from shareholders for the equity raise, a huge effort across the organisation has enabled the Group to deliver a creditable performance last year in very difficult circumstances.""As we implement the restructuring programme in the UK and France, we continue to focus our attention on our customers' needs and on shaping the business strategy to return the Group to growth. 2010/11 is a transitional year for the business and, despite the attendant challenges, the outlook for the year is positive."