Wireless revenue was £46.6 million (H1 2021: £41.6m) up 12.0%.
Photonics revenue was £38.5m (H1 2021: £36.4m) up 5.7%.
CMOS++ revenue was £1.1m (H1 2021: £1.5m) down 27.2%.
Adjusted cash inflow was £8.3 million (H1 2021: £9.1m)
Total net cash capex and cash investment in intangibles is £3.5 million (H1 2021: £8.1 million).
£3.8 million was invested investment in PP&E capex related to tool investments in Taiwan.
£4.1 million was raised from the disposal of assets related to the Singapore site closure
Purchases of intangibles of £2.3 million primarily relate to ongoing systems transformation programme.
There is ongoing investment in R&D with £1.6m (H1 2021: £1.8m) of development costs capitalised in the period.
The company has adjusted net debt of £6.7 million as at 30 June 2022 (net debt of £5.8 million as at 31 Dec 2021, net funds of £0.9 million as at 30 June 2021).
“The importance of compound semiconductors to a series of fundamental mega trends which will shape the global economy is gaining increasing recognition,” says CEO Americo Lemos.
|
|
H1 2022 £’m* |
H1 2021 £’m* |
Change (%) |
Change at constant currency (%) |
|
Revenue |
86.2 |
79.5 |
8.4 |
1.4 |
|
Adjusted EBITDA** |
12.3 |
11.6 |
6.2 |
– |
|
Operating loss |
(7.4) |
(1.9) |
||
|
Adjusted operating loss |
(1.4) |
(0.9) |
||
|
Reported loss after tax |
(8.3) |
(2.7) |
||
|
Diluted EPS |
(1.03p) |
(0.34p) |
||
|
Adjusted diluted EPS |
(0.36p) |
(0.21p) |
||
|
Cash generated from operations |
6.2 |
10.4 |
||
|
Adjusted cash from operations |
8.3 |
9.1 |
||
|
Capital Investment (PP&E) |
3.8 |
6.1 |
||
|
Net (debt***) / funds |
(6.7) |
0.9 |
The company expects full year 2022 revenue guidance of low single digit percentage growth as strong Photonics sales driven by 3D sensing VCSELs and emerging revenues in microLEDs offset a degree of anticipated, macro-driven, softness in Wireless.
It expects a similar adjusted EBITDA margin % to 2021 .
It is expected that full year PP&E capital expenditure will be in the range of £10-15 million and c.£8 million of capitalised intangibles relating to development costs and systems transformation.
