E2v Technologies, the maker of an ultra-sensitive camera blasted into space last month to be fitted to the Hubble Space Telescope, saw its own shares rocket amid hopes that full-year results today would show that it has escaped from the black hole of a covenant breach.
The shares have been in a spin since it said in February that sales of its image devices, sensors and semiconductors had been hit by health service and defence budget cuts. The fall intensified two months later when news of a slowdown at a newly acquired semiconductor business emerged.
However, the pound’s recent recovery has eased worries that e2v’s soaring dollar-denominated debt would result in a breach of its covenants. Ian Robertson, an analyst with Seymour Pierce, also believes