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.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"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
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyersRachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap
