Bookham axes 180 more jobs
Thursday 31 July 2003
Bookham Technology, which makes components for telecoms networks, warned it was axing another 180 jobs in the face of ongoing tough conditions.
The move came as the loss-making company, which had £70.8m of cash at the end of June, announced revenues were flat in the second quarter of the year compared with the first quarter. To preserve its cash pile, Bookham is selling a manufacturing facility in the UK and cutting overheads, leaving it with a workforce of just 1,500. The moves will cost Bookham £14m to £16m but should enable it to get to a break-even point at between £30m and £35m of revenue per quarter by the year-end.
In the second quarter to 29 June, Bookham booked a pretax loss of £18.1m, after accounting for exceptional items, compared with a £16.2m loss in the same period a year before. Sales were £21m, flat on the previous quarter.Bookham predicted revenues in the third quarter would be "slightly" higher than the second quarter at £21m to £24m and forecast an uptick in gross margin. It expects to burn through approximately £20m to £23m of cash in the third quarter.
Giorgio Anania, the chief executive, said: "There are certainly a series of consistent, positive messages emerging."
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