e2v boosts profits but will sell microwave business
1 min read
The high-tech manufacturer e2v technologies announced today (6 April) that its acquisition of a semiconductor company and positive movements in the exchange rate had boosted profits and the size of its order book. However, it is to sell its Lincoln-based microwave microelectronics business.
The Chelmsford-based plc – once a part of the now long defunct Marconi – said in a trading statement that pre-tax profits for its year ended 31 March – including the contribution from its acquisition of QP Semiconductor, are anticipated to be in line with expectations. Revenue for the full year increased by approximately 14% as a result of the acquisition and positive exchange rate movements. The group order book at the year end increased by 25% to £153 million primarily for the same reasons.
Market conditions and trading for the specialist developer and manufacturer of high technology components and sub-systems, had remained largely unchanged other than for e2v’s specialist semiconductor division where programme phasing is having an impact on sales growth. e2v’s imaging and electron devices & subsystems divisions both benefited from improved operational execution on contracts.
e2v said that following a review of its businesses, it had decided to seek a buyer for the Lincoln-based microwave microelectronics business unit, which forms part of its sensors division.
Chief executive Keith Attwood (pictured) said: "Although e2v's markets are being affected by the global downturn, the company has a strong order book. We continue to actively manage our cost base in the light of greater general uncertainty and have actioned initiatives to reduce debt levels.
“Whilst trading in certain sectors is difficult, our sales in others are bearing up well. We believe our exposure to a broad range of end-markets will help insulate e2v in these challenging times."
