Micro-Mechanics (Holdings) has announced 4QFY2023 earnings of $2 million, down 66% y-o-y. This brings its full-year earnings to $9.8 million, down 50.7% y-o-y.
Revenue in the same 4Q ended June was down 30.8% y-o-y to $15.2 million, as the downturn in the global semiconductor continues to weigh down the numbers. Revenue for the whole of FY2023 was down 18.7% y-o-y to $67 million.
The company plans to pay a final dividend of 3 cents, bringing full year payout to 9 cents, equivalent to a payout ratio of 128% given FY2023 EPS of 7.03 cents
“The sudden and sharp slowdown in the global semiconductor industry, together with rising costs for everything from materials to manpower and energy, exerted significant pressure on the Group’s top and bottom line performance in FY2023," says CEO Chris Borch, who founded the company 40 years ago.
"Looking ahead to FY2024, we will continue our strategy to grow the group’s core businesses by maintaining a strong and unrelenting focus on the value we bring to our customers, while building sustainable, competitive advantages through repeatable, scalable and cost-effective manufacturing processes," he adds.
Micro-Mechanics shares last traded at $1.82, unchanged for the day and down 30.53% year to date.
