E2V.L Regulatory News (E2V)

25 Jul 2008 07:00



25 July 2008

e2v technologies plc

Interim Management Statement

e2v technologies, the specialist developer and manufacturer of high technology components and sub-systems, is providing this Interim Management Statement covering the period from 1 April 2008 to 25 July 2008 to coincide with the Group's Annual General Meeting to be held later today.

Trading since the start of the financial year has been in line with expectations. 

There has been continued growth across all sectors within the Electronic Tubes product group, notably increased sales of electronic sub-systems in the Defence sector in the first quarter.

In Sensors and Semiconductors, the markets which we serve remain challenging. Nevertheless, we expect growth in the Full Year in this product group. In the first quarter we have seen sales increase overall with almost all market sectors contributing, with the exception of aerospace and defence. Sales in this sector are down when compared to last year due to programme phasing.

The UK Fit for the Future programme continues to identify additional ways in which customer service can be improved and productivity levels enhanced. This programme will incur exceptional charges during the current year, with the majority of the benefits being realised during the 2009/10 financial year. This programme is one of the actions being taken to offset a range of inflationary cost pressures.

The strengthening of the euro compared with the same period last year has had a positive impact on reported revenues but has had no material impact on the Group's overall profitability.

Net Debt at the end of the first quarter has decreased by £10.9m. The Group is soundly financed and the c£170m multi currency facilities do not expire until 2011.

We remain in exclusivity with one particular acquisition opportunity.

The results for the first half are anticipated to show solid progress and the results for the full year are anticipated to be in line with expectations. 

For further information:

  NOTES FOR EDITORS

e2v technologies plc

e2v technologies is a leading designer, developer and manufacturer of specialised 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 innovative systems for medical and science, aerospace and defence, and commercial and industrial applications.

For the year ended 31 March 2007, e2v achieved sales of £174m and is listed on the London Stock Exchange (e2v.l). In July 2006 e2v technologies plc acquired a leading designer, manufacturer and distributor of specialised electronic components and sub-systems, based in Grenoble, France and in May of 2007 e2v plc acquired MiCS Microchemical Systems SA a designer and manufacturer of semiconductor based gas sensors. These acquisitions strengthen the Group's position as a major global provider of specialised electronic components and subsystems. 

e2v's products are supplied into three core market areas:

Medical & Science: Sensor technology includes imaging sensors for intra-oral and panoramic dental X-ray, mammography, life science applications and X-ray microscopy. Electronic tubes are the enabling technology behind radiotherapy cancer treatments, microwave medical therapy and high-energy physics. 

Aerospace & Defence: Sensor technology includes products for military surveillance, targeting and guidance, space-based imaging and astronomy, radar, electronic warfare, and broadband data converters and microprocessors for aerospace applications. Electronic tubes provide the enabling technology behind radars, electronic countermeasures (ECM), electronic warfare and satellite communications.

Commercial & Industrial: Sensor technology includes marine radars, industrial safety sensors, automotive radars and alarms, thermal imaging cameras used by fire fighters, CCD and CMOS high resolution line scan cameras for industrial inspection. 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 value whilst appropriately meeting the expectations of customers, people, partners, suppliers and the wider community. e2v's vision is to create value through bright ideas in technology and materials science. The Company's mission is to place customers at the heart of the business, providing enabling products of premium quality that extend technical barriers and enhance the competitive position of our partners.

e2v has approximately 1,800 employees worldwide with three UK based manufacturing sites in Chelmsford, Lincoln and High Wycombe, one in Grenoble, France and one in Corcelles, Switzerland. In addition e2v has sales offices in the UK, USA, Germany, France and Hong Kong, as well as a network of distributors and representatives covering other key territories.

Further information on e2v technologies plc is available from its website, www.e2v.com