e2v delivers despite challenging markets

The Chelmsford-based plc, once a part of the GEC/Marconi electronics conglomerate, announced that group revenue for the full year was down 14% compared to last year at around £201 million while the year-end order book of £161 million was up 4.5%. Over the second half of the year demand held up for the electron devices and sub-systems division in the radiotherapy sector but sales for the defence as well as the commercial and industrial markets were less than robust However, signs of a recovery going into the new financial year were starting to pick for the commercial and industrial markets according to the company. Fewer orders from the dental sector were offset by increased activity in the space sector for e2v's imaging division and following the end of the formal consultation process for the proposed restructuring at the Grenoble division, efforts to reduce overdue orders and meet customer commitments helped performance in the industrial market for cameras. The restructuring was part of an extensive acceleration of e2v's 'Fit for the Future' programme and affected operations predominantly in France, but also in the UK. Group CEO Keith Attwood (pictured) said: "Our order profile supports management's view that our markets have largely stabilised. As we implement the restructuring programme in the UK and France, we continue to focus our attention on our customers' needs and on shaping the business strategy to return the Group to growth. 2010/11 is a transitional year for the business and, despite the attendant challenges, the outlook for the year is positive." The company announced at the start of April that the transfer of all manufacturing activity to its site in Chelmsford and the establishment of a Microwave Engineering Centre in Lincoln were in the implementation phase with both projects to be completed by December 2010 and before September 2010 respectively. Contracts were also signed for the £4.2 million sale of the existing site in Lincoln.