24 Sep 2013 07:00
PURE WAFER PLC
(AIM: PUR)
Trading Update
24 September 2013
Further to the trading update released on 30 July 2013, Pure Wafer plc ('Pure Wafer' or the 'Company'), the provider of high quality silicon wafer reclaim services for many of the world's leading semiconductor manufacturers, is pleased to confirm that it expects to report strong trading ahead of current market expectations when it releases its preliminary results for the year ended 30 June 2013 on 1 October.
As previously indicated, Pure Wafer has continued to experience high levels of demand for its wafer recycling services at each of its Swansea, UK and Prescott, Arizona plants which have both achieved record levels of trading during the period.
As a result of this sustained demand and continuing attention to the control of costs, the Company will report an increase in EBITDA for the period.
In addition, the Directors have reviewed the remaining useful lives of all fixed assets, and will report a $2.3m reduction in depreciation and amortisation when compared to the annual charge for 2012 using the previous useful lives. Following completion of the successful placing and open offer which raised approximately £4.5m, which was completed during the year along with the new HSBC banking facilities, the Company now has increased funds available to invest in and maintain its property, plant and equipment. The Company's maintenance and repair policy is one of the key factors that determine the estimated life of plant and equipment and as a result of this change the remaining life of many assets has been extended.
As a result of the sustained level of demand and change in depreciation policy, Pure Wafer will report a pre-tax profit for the year ended 30 June 2013 significantly ahead of current market expectations.
Contacts:
Pure Wafer Plc www.purewafer.com
Peter Harrington, Chief Executive
Richard Howells, Chief Financial Officer +44 (0) 1792 311 200
WH Ireland Limited www.wh-ireland.co.uk
JN Wakefield +44 (0) 117 945 3470
Winningtons Financial PR Limited www.winningtons.co.uk
Paul Vann / Tom Cooper +44 (0)20 3176 4722 or 07768 807 631
paul.vann@winningtons.co.uk
Notes to Editors:
Global market demand for semi-conductors is rising and with it the demand for "test wafers". Semi-conductor/silicon chips are manufactured on silicon wafers in highly advanced, specialist fabrication facilities. Such facilities, which require huge capital investment, use large quantities of "test" wafers for the purpose of testing, maintenance and calibration of semi-conductor manufacturing equipment. Wafer reclaim is an essential and highly specialised industrial process enabling the multiple re-use of these silicon test wafers.
Pure Wafer plc is one of the world's leading providers of these wafer reclaim services. They enable semi-conductor manufacturers to gain further efficiencies through the increased re-use of silicon test wafers which are an integral part of the extremely demanding and technically advanced production process.
Pure Wafer operates from two "State-of-the-Art" manufacturing facilities, in Swansea, South Wales and Prescott, Arizona, USA and following a period of consolidation within the industry, is now the leading European and US provider of 300mm wafer reclaim services.
Pure Wafer has an established track record, technological expertise and one of the world's most advanced wafer reclaim facilities. It has a "blue-chip" customer base that includes most of the world's largest semi-conductor manufacturers and independent foundries. It has longstanding relationships with its customers and works closely with them to design and develop a service that delivers reclaimed wafers to exact specification.