IQE shares leap after firm says it's on track to meet FY targets

20th Jan 2015 16:24

Good trading performances in the second half of 2014 have placed semiconductor materials manufacturer IQE on track to meet market expectations for the full year.The group said it expects revenue for the year ended 31 December to be around £112m, with second half revenue amounting to £60m.Earnings before interest, tax, depreciation and amortisation to increase 8% year-on-year to £27m, IQE said in a statement on Tuesday."We are excited by the market developments that are leading to the increasing deployment of compound semiconductor solutions across a range of applications," said group chief executive Drew Nelson."That consequently offers potential for IQE to deliver continued steady growth as a result of the group's unique position in the compound semiconductor materials marketplace."The group added that it forecast a strong growth in demand for its wireless products in 2015, while its photonics division is also expected to register higher demand.IQE shares leapt 13.92% to 22.50p at 16:37 on Tuesday.