ClearSpeed set to raise £20 million in share placing
April 02, 2007 //
Parallel coprocessors and accelerator board developer ClearSpeed Technology (Bristol, England) is planning to raise £20 million($39 million) in a share placing on the AIM market in London following the announcement of full year results that saw pre-tax losses for the year ended December 2006 widen to £11 million ($21.5 million) from £7 million ($13.7 million) the previous year.
LONDON Parallel coprocessors and accelerator board developer ClearSpeed Technology (Bristol, England) is planning to raise £20 million($39 million) in a share placing on the AIM market in London following the announcement of full year results that saw pre-tax losses for the year ended December 2006 widen to £11 million ($21.5 million) from £7 million ($13.7 million) the previous year.
However turnover tripled during the year to £1.9 million($3.7 million).
Tom Beese, ClearSpeed's CEO, told EE Times Europe : "2006 was always going to be the year for the strongest round of costs for us and the results reflect that. But the company is on track to achieve its objectives and at least a third of the funds being raised will be used for development of the next range of chips that will continue to target accelerated computing applications."
Beese said he felt it important to have a strong balance sheet. The company ended the last financial year with cash of £11.75 million.
The money is also earmarked to increase sales and marketing efforts into the finance and banking sectors, a strategy outlined by Beese late last year. He told EE Times Europe it was also important to focus on tools and applications developments.
The increased revenue was partly due to the delivery of the company's first major order to Sun Microsystems and the Tokyo Institute of Technology for 360 Advance accelerator boards.
Operating expenses increased 69 percent to £12.85 million, within which investment in research, design and development jumped by a third to £6.26 million while marketing and administration costs rose 126 percent to £6.58 million.
Beese said the upgrade of the company's Advance range of boards to PCI Express compatibility is on track, and ClearSpeed is about to launch a range of PCI Express boards.
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