If it wasn't for the release highlighting that NXP has been a separate company from Philips now for whole 12 months I wouldn't have known. It seems like only yesterday that NXP was told to leave home and get a life, after its parent had had enough of the maturing offspring!

I, for one, thought that going it alone would be difficult for NXP especially since it had been loss-making and efforts to turn the business around were slow in developing tangible results.

It has now said that it expects to make over €250 million in cost savings which should see the company return to sustained profitability even if it's on a small scale.

Interestingly though, it has not been forced by its private equity owners to cut R&D spending, though the 950 million in that department is being focused more astutely on what is believed to be better markets. The company is to focus R&D on 18 of its 27 business units going forward.

In the first half of the year it has moved up one position in semiconductor rankings from 11th position to 10th, according to IC Insights - a position it was not thought likely after a period of several years in decline.

NXP may be touting its asset-lite business, model but it has actually provided little insight into this after a year of actively pursuing it.

I was actually expecting the company to shed a significant number of its workforce, especially in manufacturing as it has a significant number of legacy fabs. That has yet to happen, but with the ‘Renewal II Programme' coming to a profitable end, what's next?