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Pure Wafer - Full year results

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Holding(s) in Company

http://www.moneyam.com/action/news/showArticle?id=4686687

Interim Results

RNS


RNS Number : 9632B

Pure Wafer PLC

11 March 2014














11 March 2014



PURE WAFER PLC

("Pure Wafer" or "the Company")



Interim Results for the six months ended 31 December 2013



Strong trading momentum maintained; net cash of $1.3m at period-end



Pure Wafer plc, the provider of high quality silicon wafer reclaim services for many of the world's leading semiconductor manufacturers, today reports its interim results for the 6 months to 31 December 2013.





HIGHLIGHTS



Financial Highlights

· Group revenue of $18.2m (6 months to 31 December 2012: $18.5m);

· Operating profit up 34% at $2.2m (6 months to 31 December 2012: $1.6m);

· Pre-tax profit up 46% at $2.1m (2012: $1.4m);

· Net cash inflow from operating activities of $3.2m (2012: $2.8m);

· Net cash of $1.3m at period-end (2012: Net debt $3.4m);

· Balance sheet further strengthened;



Operational Highlights

· Continuing increase in 300mm volume sales, 6.5% increase over comparative period

· Planned capacity expansion substantially completed

· Continued tight cost control and monitoring through engineering led activities





Stephen Boyd, Chairman, commented,



"We are delighted that Pure Wafer has significantly increased its pre-tax profitability during this period of trading. This strong trading performance has combined with increased cash generation and has moved the Company into a net cash position, signifying long term stability for the Company. With the semiconductor industry forecast to continue on its growth path for a number of years and the installation of our planned capacity expansion expected to be fully operational before the year-end, we are confident of benefiting further from this continued industry growth.



"Given the Company's strong cash generation and net cash position, the introduction of dividend payments is under active consideration by the Board and, in the absence of unforeseen circumstances, the Directors currently expect to be able to recommend the payment of a final dividend in respect of the results for the current year as a whole."

StockMarketWire.com
Pure Wafer has concluded that its Wafer Reclaim facility in Swansea will require extensive repairs, including the removal of all affected structural elements, and that the clean rooms will need to be removed and replaced together with all associated mechanical, electrical and process services.

The process equipment will also need to be extensively refurbished or replaced to ensure that high levels of quality and customer satisfaction are maintained when production resumes.

"The facility is fully and comprehensively insured, which includes extensive 3 year business interruption cover. We are currently working closely with our insurers and their advisors to ensure that production is resumed as soon as possible. It is anticipated that it will take up to 12 months for full scale production to recommence," the company said.

"We continue to communicate and work closely with our customers to minimise any disruption resulting from this incident. Our contingency plan also includes switching, where possible, some current production to our other facility in Prescott, Arizona."

Forensic investigations into the fire, which broke out at 9am on Sunday 21 December 2014, indicate that the fire was caused by an electric fault within the external environmental services area of the facility.

These investigations are still ongoing in conjunction with our insurers and structural engineers as well as the Environment Agency.

Metallurgic testing has now concluded that elements of the building, including parts of the structural steel framework and external roofing and cladding, have been compromised by the fire and will need to be replaced.

Although the fire was contained to the service and plant areas and prevented from entering the production areas by the installed fire prevention systems and fire wall,further extensive testing throughout the building has indicated that the manufacturing areas including the clean rooms and equipment therein have been contaminated by smoke and fumes from the fire.