Revenues in the second quarter of 2005 were $2.7 million, compared with $2.6 million for the corresponding quarter in 2004, an increase of 4%. First quarter revenues for 2005 were reported at $1.6 million. The majority of revenues continue to arise from Technology Services and Development and include receipts from companies including Samsung Electronics, Sumitomo Chemical and Toppan.
Net loss was $6.7 million for Q2 2005 (2004: $3.8 million), bringing the first half net loss to $15.4 million; net loss for the first half of 2004 was $21.5 million. The 2004 figure included a $12.2 million accounting charge connected with the acquisition of CDT Oxford.
CEO Dr. David Fyfe comments: "In May, we announced our intention to form a Joint Venture with Sumitomo Chemical, and we believe this JV, when in operation, will significantly increase the effectiveness of the PLED supply chain, and encourage even faster adoption of our technology by display producers. We continue to expect strong revenue growth for the remainder of 2005, and that the sale of our 50% shareholding in Litrex to Ulvac of Japan will be completed in early Q4 2005".