2 Feb 2010 07:00
2 February 2010
e2v technologies plc
Interim Management Statement
e2v technologies, the specialist developer and manufacturer of high technology components and sub-systems, is today providing this Interim Management Statement covering the period from 1 October 2009 to 1 February 2010.
Group trading since the half year has continued in line with management's expectations and this reflects general market softness.
In the Electron Devices and Subsystems division, the science and medical sector for radiotherapy new equipment sales has stabilised with spares revenues steady, while commercial and industrial markets show some signs of recovery. The defence sector has performed below expectations, reflecting lower levels of new order placement which we anticipate will continue into the next financial year.
Within Imaging, performance reflects the continued lower demand in the dental markets, partially offset by increased activity in space related applications. The commercial and industrial sector is stable but with some signs of recovery.
Specialist Semiconductors has grown with QP Semiconductors offsetting the decline in the underlying business. Demand in the defence sector remains firm.
Sensors, the smallest division, has continued to achieve modest growth across its portfolio of businesses.
Order intake in the quarter was equivalent to sales, resulting in a closing order book for use over the coming 12 months of £105m (31 December 2008: £108m at constant exchange rates).
The formal employee consultations in relation to the potential restructuring in France and the UK are in line with our planned timetable. The scale of the programme has led to some level of disruption and this risk remains. The overall restructuring programme continues to be subject to close management attention.
Net borrowings* at 31 December 2009 decreased from the 30 September 2009 by £52.8m to £52.4m. This was primarily due to the firm placing and rights issue announced on 29 October 2009, the gross proceeds of which were £55.8m.
*Note: Net borrowings excludes capitalised borrowing costs
For further information:
| e2v technologies plc | Tel: +44 (0)1245 493493 |
| Keith Attwood/Charles Hindson | |
| www.e2v.com | |
| Financial Dynamics | Tel: +44 (0)20 7831 3113 |
| Jon Simmons/Sophie Kernon |
NOTES FOR EDITORS
e2v
e2v's objective is to be a global leader in the design and supply of specialised components and sub-systems that enable the world's leading systems companies to deliver innovative solutions for medical & science, aerospace & defence, and commercial & industrial markets.
e2v is organised into four divisions:
·; High performance electron devices and subsystems for applications including defence electronic countermeasures, radiotherapy cancer treatment, radar systems, industrial heating, satellite communications amplifiers and digital television transmitters.
·; Advanced CCD and CMOS imaging sensors and cameras for applications including space, science and life science imaging, industrial process control, intra-oral and panoramic dental X-ray systems, military surveillance and automotive imaging.
·; Specialist Semiconductors - including logic, memory and microprocessors for high reliability microprocessor and MRAM requirements, in partnership with Freescale Semiconductor and Everspin, mission-critical avionics and defence programs requiring high reliability integrated circuits, high speed data converters and sensor data acquisition utilising mixed signal application specific devices.
·; A range of professional sensing products for applications including environmental safety, x-ray spectroscopy, automotive alarm and security systems, microwave radar and safety and arming devices, fire rescue and security thermal imaging.
For the year ended 31 March 2009, e2v achieved sales of £233m and is listed on the London Stock Exchange. In October 2008 e2v acquired QP semiconductor, a leading US-based designer and supplier of specialty semiconductor components used in military and aerospace applications, establishing e2v's first US manufacturing base.
The Company is headquartered in the United Kingdom and has approximately 1500 employees in six production facilities across Europe and North America. e2v also operates a global network of sales and technical support offices, supported by local distributors and resellers.
Further information is available from www.e2v.com