E2V.L Regulatory News (E2V)

10 Apr 2008 07:00

e2v technologies PLC10 April 2008 10 April 2008 e2v technologies plc 2008 Year End Trading Update e2v technologies, a specialist developer and manufacturer of high technologycomponents and sub-systems, is providing a period end trading update. The full year outcome is expected to be towards the higher end of marketexpectations. Consistent with the Interim Management Statement issued on 15th February 2008,organic sales growth for the Electronic Tube product group during the year wasstrong, primarily due to demand for electronic sub-systems from the Aerospaceand Defence Sector, whilst sales growth in the Group's Sensors andSemiconductors product group was due to the inclusion of a full year's tradingfrom Grenoble, acquired in August 2006. Whilst interest cover for the year remained in line with our expectations, debtincreased to approximately £93m due to the £5m cost of the MiCS acquisition inApril 2007 and a £12m translational impact on our Euro borrowings. Keith Attwood, CEO commented: "This is an excellent overall performance for theyear despite some setbacks in specific markets, such as dental imaging, whichdemonstrates the benefits of a diverse product portfolio and customer base. Our business improvement programme, 'Fit for the Future', has progressed wellincurring lower than anticipated costs of £2m and delivering higher thananticipated annualised savings of £2m from 2008/09. In line with our business strategy, we continue to pursue acquisitionopportunities that meet our financial criteria. At 31 March, order book levels were below those of last year, primarily due tothe phasing of multi-year orders for Electronic Tubes serving the radiotherapymarket. We now have a significantly restructured sales organisation, withclearly defined opportunities and targets to drive organic growth in thebusiness during 2008/09 and beyond. Overall we believe that the outlook for the new financial year is encouraging". For further information: e2v technologies plc Tel: +44 (0)1245 493493Keith Attwood/Mike Hannantwww.e2v.com Financial Dynamics Tel: +44 (0)20 7269 7291Sophie Kernon NOTES FOR EDITORS e2v technologies plc e2v technologies is a leading designer, developer and manufacturer ofspecialised components and subsystems, falling within two product groups: Electronic tubes Sensors and Semiconductors These products enable some of the world's leading OEMs to deliver innovativesystems for medical and science, aerospace and defence, and commercial andindustrial applications. For the year ended 31 March 2007, e2v achieved sales of £174m and is listed onthe London Stock Exchange (e2v.l). In July 2006 e2v technologies plc acquired aleading designer, manufacturer and distributor of specialised electroniccomponents and sub-systems, based in Grenoble, France and in May of 2007 e2v plcacquired MiCS Microchemical Systems SA a designer and manufacturer ofsemiconductor based gas sensors. These acquisitions strengthen the Group'sposition as a major global provider of specialised electronic components andsubsystems. e2v's products are supplied into three core market areas: Medical & Science: Sensor technology includes imaging sensors for intra-oral andpanoramic dental X-ray, mammography, life science applications and X-raymicroscopy. Electronic tubes are the enabling technology behind radiotherapycancer treatments, microwave medical therapy and high-energy physics. Aerospace & Defence: Sensor technology includes products for militarysurveillance, targeting and guidance, space-based imaging and astronomy, radar,electronic warfare, and broadband data converters and microprocessors foraerospace applications. Electronic tubes provide the enabling technology behindradars, electronic countermeasures (ECM), electronic warfare and satellitecommunications. Commercial & Industrial: Sensor technology includes marine radars, industrialsafety sensors, automotive radars and alarms, thermal imaging cameras used byfire fighters, CCD and CMOS high resolution line scan cameras for industrialinspection. 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 valuewhilst appropriately meeting the expectations of customers, people, partners,suppliers and the wider community. e2v's vision is to create value throughbright ideas in technology and materials science. The Company's mission is toplace customers at the heart of the business, providing enabling products ofpremium quality that extend technical barriers and enhance the competitiveposition of our partners. e2v has approximately 1,800 employees worldwide with three UK basedmanufacturing sites in Chelmsford, Lincoln and High Wycombe, one in Grenoble,France and one in Corcelles, Switzerland. In addition e2v has sales offices inthe UK, USA, Germany, France and Hong Kong, as well as a network of distributorsand representatives covering other key territories. Further information on e2v technologies plc is available from its website,www.e2v.com This information is provided by RNS The company news service from the London Stock Exchange