Cray Electronics Plc said its European Communications business has made steady progress in the second half of the year including a successful launch of the first stage of its new Ethernet switch product. It said further rationalization and efficiency savings continue to be made; but its Asia-Pacific business has made slower progress than expected due to the recent elections in Australia which made some customers defer investment decisions. It said profits at Cray Systems and its P-E businesses will be higher in the second half than in the first.
