15 September 2015 – interim results

The supplier of advanced wafer products and services to the semiconductor industry has announced interim results for the six months to 30 June showing a 2% increase in revenue to £53.2m (2014: £52.0m), whilst adjusted pre-tax profit was 5% higher at £5.9m (2014: £5.6m).  Earnings per share on the same basis were also 5% higher at 0.90p (2014: 0.86p) and net debt was 12% lower than a year earlier at £31.1m.  These are obviously solid results despite the fact that problems at one customer meant that some revenues have been deferred from Q2 to Q3  and, with 75% of sales into the wireless communications market, further growth in revenues looks assured.  The results for the year are expected to be weighted towards the second half as usual with pre-tax profits expected to be in the region of £17.5m for earnings per share of 2.5p.  We continue to rate the shares as a BUY.