E2v posts strong machine vision growth

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E2v’s imaging group has posted revenue growth of 9.4 per cent at the close of its financial year to £88.7 million. The underlying growth came from strong demand in automatic data collection, machine vision sensors and optical inspection CMOS cameras in Asia, according to the company. Growth also came from the recently introduced Eliixa+ products.

Scientific imaging was steady reflecting end user demand remaining at similar levels to the prior year. In e2v’s space sector the company’s activity was sustained, while its thermal imaging business has seen lower demand in its core markets, with revenues significantly below the prior year.

The division's adjusted operating profit was £9.3m, a decrease of 17 per cent. Lower margins in e2v’s space sector reflect delayed milestones, leading to cost increases on these programmes. In thermal imaging lower revenues have reduced operating margins; the cost base has been restructured to align with the current revenue profile.

E2v’s recent acquisition, AnaFocus, has performed strongly contributing £1.8m and ahead of the company’s initial expectations. Research and development activities have been increased significantly to drive future growth, focusing on areas of strong customer demand, in particular machine vision and space.

The order book at 31 March 2015 was £90m (2014: £61m). The significant increase in the order book reflects key programme wins in space, including a £1 million increase in the level of overdue orders, along with the growth coming from industrial vision and AnaFocus.

The orders due for delivery in 12 months as at 31 March 2015 were £70m (2014: £50m), significantly up from the prior year, underpinning the anticipated revenue growth.

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E2v

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