IQE Announces Record Revenues
Company posts revenues of £178 m in 2020, cmpared to £140m in 2019, driven by the start of the 5G mega-cycle
IQE, a supplier of advanced wafer products and materials, has announced its full-year results for the year ended 31 December 2020.
The company delivered record revenues of £178m last year (2019: £140m), driven by the start of the 5G mega-cycle. Revenue from IQE's Wireless division was higher at £94.1m (2019: £68.2m) and benefitted from 5G infrastructure deployments in Asia.
The group's photonics business recorded £81.6m of revenues, representing a 17 percent increase on 2019 (£69.8m), thanks to continued growth in 3D sensing and other advanced sensing applications. Adjusted EBITDA grew 85.8 percent to £30.1m (2019: £16.2m) while the business also returned to a positive cash position of £1.9m (2019: net debt of £16m) thanks to a strong trading performance, capital spend controls and working capital management.
In terms of 2021, IQE states trading since the start of the year has continued positively as a result of continued 5G handset market penetration and demand for 3D sensing applications and other communication products. The business is well-positioned to capture the enlarged opportunity from the 5G mega-cycle and expects a similar revenue and profit performance to H1 2020 in the first six months of 2021.