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."