7 October 2014 – final results
In the year to 30 June the company, which is one of the leading global providers of high quality silicon wafer reclaim services, has announced a slight decline in revenues to $35.9m (2013: $37.0m) although pre-tax profits have increased by 20% to $3.6m (2013: $3.0m). Earnings per share declined slightly to 13.5c (2013: 14.4c) due to an increase in the number of shares in issue although strong cash generation has resulted in a net cash balance of $1.5m at the end of the year as opposed to net debt of $1.6m at the previous year end. The strong cash generation has also enabled the group to invest in additional capacity and technology advances. The company has also proposed a maiden final dividend of 0.43p (0.70c). With strong trading momentum and a positive industry outlook the future looks good and we re-iterate our recommendation of BUY.