e2v gets ahead

Publishing an outlook for the financial year ended 31 March 2011 today (11 October), the Chelmsford-based plc – once a part of the now long defunct Marconi group – said that given a half year performance that was significantly ahead of the equivalent period in 2009 and its closing order book at 30 September 2010, it expected trading to continue at the current run rate; thus the trading performance for this financial year is now anticipated to be ahead of previous expectations. e2v said that for six months ended 30 September 2010, an unusually high level of overdue orders, caused by industrial disruption in the latter part of 2009/10, had been delivered in the period. In addition, the company had benefited from orders arising from restructuring programmes, in particular, due to the closure of its wafer fabrication facility in Grenoble. Underlying sales in the period (excluding the one-time deliveries) were maintained at the same level as in 2009/10. In e2v's RF power solutions division, radiotherapy was ahead of the comparable period with continued strong demand from customers while order placement for electronic counter measures continued to be weak compared to last year. The remaining business in the division experienced some growth reflecting a recovery in underlying commercial and industrial markets. Within the high performance imaging solutions division, e2v's machine vision products experienced continuing strong demand for industrial process control applications. There had also been modest sales decline in scientific imaging, while space imaging sales were significantly lower due to specific programme related technical issues, although the order book remains strong. In Hi-rel semiconductor solutions, e2v's semiconductor lifecycle management offering benefited from strong demand for its 68k-series microprocessor for the Eurofighter Typhoon programme. Aerospace and defence semiconductors saw lower end user demand in the US but stronger demand for its test and assembly services in Europe. CEO Keith Attwood (pictured) said: "Whilst we are mindful of completing the remaining activities for our industrial restructuring programme, our strategic attention is now focused on the strategy for growth."