E2v battling through

Semiconductor maker e2v Technologies has said that full year trading will be only 'marginally below' its previous expectations, as it anticipates a strong second half to follow on from a below par first half.

In a trading update for the first half it revealed that expected revenues for the continuing business will be around £90m, reflecting the challenging external environment.

However, it believes that by combining the visibility of potential revenue through the order book with continued cost control and further restructuring it will deliver "a strong second half trading performance".

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Keith Attwood, Chief Executive, said: "The business has responded well to the challenges in our end-user markets and the delays experienced in order bookings. The ongoing cost control, drawing on the flexible cost base we previously put in place and implementing further restructuring, has effectively maintained the profit margin of the business."

Net borrowings at September 30th 2012 were £28m, compared with £32m for the same period in 2011. Although since June 30th net borrowings have increased by £10m, reflecting dividend payments, fit out costs of its new US facility and an increase in working capital mainly related to project delays.

CM