SOITEC: SALES UP 40% IN THE THIRD QUARTER
(Reuters) – Soitec announced on Wednesday a 40% jump in its turnover in the third quarter of its staggered financial year and reaffirmed its “determination to ensure the successful implementation of (its) succession plan”.
The semiconductor materials maker last week appointed a new chief executive in the person of Pierre Barnabé, a decision described as “incomprehensible” by the executive committee in a letter seen by Reuters given the progress made by the current owner Paul Boudre.
On the Paris Stock Exchange, Soitec shares have fallen by more than 22% since this announcement, despite a slight rebound of 4.1% on Wednesday.
The group’s board of directors, including Paul Boudre, “met for constructive discussions on governance issues,” the company said in a statement accompanying the release of its quarterly results.
“The Executive Committee expressed to the Board of Directors its commitment to work closely with Paul Boudre’s designated successor, Pierre Barnabé, to ensure an effective leadership transition,” he added.
Revenue for the October-December quarter amounted to €208 million, supported by the deployment of 5G in mobile communications and the recovery in the automotive sector.
The group confirmed its forecast for sales for the whole of its financial year at around 975 million dollars (863 million euros) as well as that of a gross operating margin (Ebitda margin) of 34%. about.
(Report Kate Entringer; French version Federica Mileo, edited by Bertrand Boucey)