Business Weekly

HOME

Lamb leads Cyan with restructured strategy

Written by Sam Fountain

Thursday, 27 March 2008

CEO, Kenn Lamb Fabless semiconductor firm, Cyan has reported widened losses for the year, increasing on the back of restructuring costs, which the company expects to see results from during the first half of 2008. The Cambridge-based firm said that pre-tax loss grew to £4.6m for the 12 months to December, up from £3m last year after it paid out £1m in restructuring and non-recurring costs and revenues fell from £269k to £32k. It said that the first six month phase of its reorganisation was completed on time and that progress made by new products in Europe and Asia had been ahead of its expectations as a result. "As of the year ended 31 December 2007, Cyan completed its restructuring program and introduced new products in the European and Asian markets," said CEO, Kenn Lamb. "The progress achieved is ahead of our expectations and the new products have been well received in each market.  We look forward to reporting further evidence of progress and growing sales traction over the next quarter." The firm said that the appointment of Lamb as CEO in April 2007 was the most significant part of the restructuring process, who has identified two core problems with the group's strategy. "Kenn identified two core problems with the group's strategy," said chairman, John Read. "On the one hand there was a dogged persistence to compete at a component level with industry majors such as Texas Instruments and Renesas, while on the other, producing product which was technically excellent, but could not be manufactured at a cost customers were willing to pay for it." Cyan said that the problems have now been addressed, offering the potential for the group to enjoy sales penetration for the first time, identifying new sales and further partnership opportunities in China. Despite the upbeat statement, the market failed to look past the widening losses and shares in the firm dipped five per cent to 4.6p. Set as favorite Bookmark Email This Hits: 205 Trackback(0) TrackBack URI for this entry Comments (0) Subscribe to this comment's feed Write comment This content has been locked. You can no longer post any comment.

 

< Prev		Next >

Have you visited Business Weekly's financial bookshop ?