E2v’s imaging segment is its fastest growing division according to the company’s half year results, ending 30 September. The imaging revenue increased by 27 per cent to £47.4 million (H1 2015: £37.4 million); the sector now represents more than 43 per cent of e2v’s revenue.
The company said that underlying growth in the division came from strong demand in automatic data collection, machine vision sensors and optical inspection CMOS cameras. There was similar demand for imaging for life sciences compared to the previous year.
Professional imaging, which includes industrial and life science imaging, represents two thirds of the division's revenue with the balance coming from space imaging.
E2v stated: ‘The industrial vision market is driven by the increased use of sensors in industrial automation where we see high single figure market growth rates. Our new product launches are making new markets and winning market share in industrial vision. AnaFocus has brought new customers and strengthened our existing relationships and provides growth through innovation leading to new product lines and winning custom programmes. In the first half, the combination of new product introduction and innovation has doubled our growth.’
E2v acquired CMOS sensor company AnaFocus in the summer of 2014. The company has also recently sold its thermal imaging business.
The imaging division's adjusted operating profit was £5.3 million (H1 2015: £3.8 million), an increase of 39 per cent. The order book at 30 September was £100 million (H1 2015: £82 million). The orders due for delivery in 12 months as of 30 September were £65 million (H1 2015: £62 million).
Elsewhere, Cognex’s revenue for Q3 2015 decreased 30 per cent from Q3 2014 and 25 per cent from Q2 2015. This was due to substantially lower revenue from the consumer electronics industry, where large projects drove revenue to a record level in Q3 2014 and to the second highest level in Q2 2015. In constant currency, revenue decreased 27 per cent year-on-year and 25 per cent sequentially.
Cognex’s board of directors has also authorised the purchase of up to $100 million of Cognex common stock in open market transactions. This new authorisation is in addition to the $100 million stock purchase programme that was announced by Cognex on 3 August 2015, of which $16 million remains available.
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