e2v technologies expects modest revenue growth

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.

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.

"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

Recommended

The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into
2 Mar 2023
The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
27 Feb 2023
The outlook for Shell shares is mixed, despite bumper profits
Energy stocks

The outlook for Shell shares is mixed, despite bumper profits

With profits surging, it looks as if Shell is on a roll, but the company’s growth from here is hard to see as Rupert Hargreaves explains.
6 Feb 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023

Most Popular

5 top UK tech stocks
Investments

5 top UK tech stocks

The UK market has never been considered a fertile hunting ground for tech stars. But there are plenty of promising companies beyond the old economy, s…
23 Mar 2023
Where will house prices go in 2023?
House prices

Where will house prices go in 2023?

We explore what could happen to house prices in 2023 as the market continues to slow down.
24 Mar 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Ofgem’s price cap is now predicted to fall below £2,000, based on average typical use, from July, for the first time since 2022. We have all the detai…
21 Mar 2023