IQE's sales ahead of expectations

1st Sep 2010 07:25

Sales in the second half of 2010 are expected to be ahead of previous expectations at IQE, the supplier of advanced wafer products and wafer services to the semiconductor industry. The lift in full year revenue guidance enlivened a set of otherwise unsurprising interim results that were generally in line with the figures released in its trading update in the middle of July.Revenue in the first half of the year grew54% to £33.0m from £21.4m in the first half of last year.Revenue from the wireless division was up 52%, while optoelectronics sales grew 55% and the electronics business expanded sales by 102%.Earnings before interest, tax, depreciation and amortisation surged 184% to £5.4m from £1.9m the year before, while profit before tax was £2.2m, versus a loss of £1.4m at the interim stage in 2009.Net debt has been reduced to £15.6m from £19.0m at the end of June 2009."The second half of 2010 has started well with strong demand across our full range of advanced semiconductor products leading us to have every confidence in both the short term and long term prospects of the business," said Dr. Drew Nelson, IQE chief executive.