'Excellent' first full year for E2V

HI-TECH electronic components and subsystems firm E2V Technologies yesterday unveiled “excellent” results for its first full year as a listed company.Essex-based E2V, which floated on the stock market in summer 2004, reported a pre-tax profit of £11.

HI-TECH electronic components and subsystems firm E2V Technologies yesterday unveiled “excellent” results for its first full year as a listed company

Essex-based E2V, which floated on the stock market in summer 2004, reported a pre-tax profit of £11.916million for the 12 months to March 31, more than double the previous year's figure of £5.559million.

Total sales were up 11.7%, at £112.276million against£100.547million, and with the year-end order book standing at a record £91.5million - up 23% from £74.4million - the company said it was well placed for further progress.

E2V, which employs around 1,300 at sites including Chelmsford and Lincoln, specialises in sensor and electronic tube technology for markets include medical and science, aerospace and defence and commercial and industrial.

Growth during the year was led by the medical and science arm of the sensors business, which grew sales by 34% to £20.7 million.

In the coming year, technology enabling dentists to capture digital images of teeth is expected be another growth area for the company, as is the firefighting business which is expected to benefit from the launch two months ago of a new version of its Argus thermal image camera.

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The previous edition of the camera was used to “great effect” by firefighters at the Buncefield depot explosion last year, said E2V, which whose sensor technology is also used in military surveillance and radar and on the Hubble space telescope.

Chief executive Keith Attwood said: “I am pleased to report an excellent set of results for our first full year as a public company.

“We have seen strong sales growth in our electronic tube product group and continued progress for our sensor product group. These sales, combined with our continued drive for internal efficiencies, underpin this performance.

“Our record order book suggests continued positive progress through the current financial year, despite the pressures of rising input costs, particularly in energy and materials.”

And he added: “We continue to pursue acquisition targets in both Europe and north America following the successful integration of E2V Scientific Instruments.”

The dividend to E2V shareholders will rise from 3.9p to 4.25p per share.