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Trading statements

e2v expects strong improvement in Q2

13 July 2016 08:13

e2v technologies says activity in the first quarter, typically a quiet period for the group, was muted but it expects to deliver a strong improvement in the second quarter, supported by order intake secured in June.

e2v says good operational progress is being made across the business and it will continue to take action on costs as appropriate. Cash collection has been in line and it has targeted inventory reductions to improve on its planned year end net debt reduction. Its outlook for the current financial year, subject to the broader economic environment, remains unchanged, with an H1/H2 revenue split of approximately 40:60.

The group says a one cent strengthening in the US$ relative to sterling is estimated to increase reported revenues by c.£1m with a c.40% drop through to adjusted operating profit.

A one cent strengthening in the euro relative to sterling is estimated to increase reported revenue by c.£0.3m with a minimal drop through to profit given euro denominated costs. The group says it will provide an update on the possible effect of FX changes as the year progresses.

At 8:13am: (LON:E2V) e2v technologies PLC share price was -3.62p at 211.63p

Story provided by StockMarketWire.com

Related Company: E2V

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