24 March 2011 – annual results

This producer of silicon wafers has announced its results for 2010, reporting a 6.4% increase in revenues to €252.6m, with higher selling volumes being offset by lower selling prices.  Despite the increase in revenues, pre-tax profits fell to €33.7m (2009: €42.5m) with earnings per share declining to 5.7 Euro cents (2009: 7.2 Euro cents).  The dividend for the year was cut to 3 Euro cents (2009: 4 Euro cents) and net cash balances at the year end were €54.8m (2009: €70.1m). 

The new year has started although there is less visibility about the prospects for the second half.  The long term prospects for the business remain as strong as ever though and the shares are a LONG TERM BUY.