e2v technologies, a specialist provider of systems and equipment, reported a drop in 2012 earnings as the company underwent a restructuring in the face of a tough trading environment.
Adjusted earnings per share for the year to March 31st came to 11.07p, down from the prior year's 13.37p.
The company also reported a fall in adjusted profit before tax of £30.8m, compared to £32m a year earlier, as revenue declined to £196.8m from £219.8m.
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"The full year trading performance reflected the ongoing restructuring and increased flexibility in our cost base which we have utilised to mitigate the challenging trading environment experienced during the year," said Chief Executive Officer, Keith Attwood.
"We have significantly reduced net borrowings and we have built the order book to record levels."
The order book at the end of the period stood at £195m, up 36% from the previous year. Orders for delivery for the next year are up 10% £130m.
Net borrowings were cut to £9.8m from £30m, driven by strong cash generation and the sale of non-core businesses.
The group maintained its full-year dividend with a final dividend of 2.8p per share.
E2v said action was taken to control costs, which helped to maintain operating margins in line with expectations.
"Looking forward, whilst we expect a slow start, we continue to anticipate modest revenue growth for the coming year, reflecting the strength of our order book," Attwood added.
"We remain cautious about the broader economic environment, and the potential impact on orders received and delivered in the year."
Shares rose 2.99% to 129p at 11:49 Monday.
RD
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