16 August 2012 – interim results

Although the group has significant net cash (€122.4m) following the termination of a long term contract, which generated a cash receipt of €90m, trading conditions in the silicon wafer industry are very tough and the group made a pre-tax loss of €13.9m before exceptional items in the first half of the year.  The group sees little sign of any recovery in the market in the short -term and although it is only capitalised at £32.3m continuing losses are on the cards.  The shares are only a HOLD.