IQE reports double digit revenue and profit growth
Advanced wafer company IQE plc has announced its unaudited half year results for the six months to 30 June 2016, with double digit growth in revenues, profits and cash generation.
Revenues were up 18 percent reflecting increasing revenues in all markets and adjusted fully diluted EPS was up 62 percent. Increased profitability converted into 176 percent increase in cash generated from operations
Operational highlights include continuing diversification of revenues with non-wireless revenues accounting for 31 percent of sales (H1 2015: 24 percent). Accelerating photonics growth showed sales up 45 percent year on year. Wireless performed well with sales up 7 percent, and the company also reported improved sales in Infrared and CMOS++.
Drew Nelson, IQE CEO, said: "IQE's continued strong financial performance reflects the significant progress made in diversifying revenues over the past few years, and its growing portfolio of intellectual property.
"A healthy performance in Wireless and IR has been supplemented by accelerated growth in photonics which is up 45 percent. The photonics market is being driven by a diverse range of applications, and is at an early stage in the growth cycle. We expect our photonics business to continue to grow strongly for the foreseeable future.
He added: "IQE has developed a broad portfolio of intellectual property for advance semiconductor materials. In addition to the Â£3.5m of license income generated in the first half, this IP portfolio is increasingly enabling IQE to differentiate itself, and create a platform for continuing growth across its current and emerging markets.
"IQE has a pipeline of new products and customer qualifications which underpin its growth ambitions, with programs expected to ramp through 2017 and 2018. This includes new photonic applications, wireless base stations, advanced solar, and power switching applications."