31 Jan 2011 07:00
31 January 2011
e2v technologies plc
Interim Management Statement
e2v technologies plc, the specialist provider of technology solutions for high performance systems, is today providing this Interim Management Statement covering the period from 1 October 2010 to 30 January 2011.
Outlook for the financial year ending 31 March 2011
Group trading since the half year end has been significantly ahead of the comparable period in 2009/10 and ahead of our expectations. The Group's trading performance for the full year is thus anticipated to be ahead of previous expectations.
Trading in the nine months ended 31 December 2010
Group trading for the year to date has been significantly ahead of the comparable period in 2009/10, reflecting increased activity and the accelerated cost reduction programme.
In RF Power Solutions, the trend of strong OEM demand in radiotherapy has continued. Electronic countermeasures, as anticipated, reflects lower demand and delays in order placement. The remaining product lines in the division experienced good growth, reflecting continuing end user demand in the commercial and industrial markets.
Within High Performance Imaging Solutions, machine vision continued to experience strong demand for industrial process control applications. There has been growth in scientific imaging, whilst space imaging activity has been steady, reflecting some progress on resolving the technical issues experienced in the first half. The space order book remains strong.
In Hi-rel Semiconductor Solutions, semiconductor lifecycle management continues to benefit from demand for the 68k-series microprocessor for the Eurofighter Typhoon programme. This division's European operation has seen steady demand for its test and assembly services. In the US, demand (previously from European end users) has continued to be lower than last year.
The order book for delivery over the coming 12 months as at 31 December 2010 was £143m (31 December 2009: £105m). The increase of £38m from 31 December 2009 includes the remaining 'one off' orders of £12m. The total order book is effectively flat at £166m.
Net borrowings at 31 December 2010 were approximately £33m (30 September 2010: £39m) reflecting the strong trading performance and lower than anticipated working capital. It is now expected that the level of net borrowings at 31 March 2011 will be lower than previously indicated. Restructuring, interest and tax payments are in line with our expectations.
Further enquiries:
e2v technologies plc Tel: +44 (0)1245 493 493
Keith Attwood/Charles Hindson
www.e2v.com
Financial Dynamics Tel: +44 (0)20 7269 7291
Nick Hasell / Nina Delangle
Notes to editors
1. The next trading update is expected to be released on 11 April 2011, just after the financial year end of 31 March 2011.
2. Net borrowings exclude capitalised borrowing costs.
3. All financial information included in this release is sourced from management accounts.
4. Statements made in this announcement that look forward in time or that express management's beliefs, expectations or estimates regarding future occurrences are "forward-looking statements" within the meaning of the United States federal securities laws. These forward-looking statements reflect the Group's current expectations concerning future events and actual results may differ materially from current expectations or historical results.