e2v technologies expects fall in annual revenue

e2v technologies on Tuesday said it expects annual trading to be in line with forecasts as it ended the year with a record order book.

The specialist provider of technology solutions finished the year to March 31st 2013 with an order book of £195m, a 37% increase on 2012.

The order book for delivery over the next 12 months came to £130m, a 10% year-on-year jump.

However, group revenue is expected to be down 10% to £197m, reflecting challenging markets, delayed order placement and limited progress on space programmes.

Actions to contain costs and implement restructuring should cushion the blow to profits, the company said.

Last May the firm disposed of its remaining non-core businesses.

The company also reduced its net borrowing from £30m to £10m.

"The full year trading performance is anticipated to be in line with expectations, reflecting the on-going restructuring and increased flexibility in our cost base which we have utilised to mitigate the challenging trading environment experienced during the year," Chief Executive, Keith Attwood, said.

"We have significantly reduced net borrowings and we have built the order book to record levels.

"Looking forward, we anticipate modest revenue growth for the coming year, reflecting the strength of our order book. We remain cautious about the broader economic environment, and the potential impact on orders received and delivered in the year."

RD