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IQE increases wafer shipments by 27%

Despite increasing wafer shipments to 140,000 units in 2004, factors such as the weak US dollar hit IQE's revenue for the second half of the year.

UK-based epiwafer supplier IQE shipped 140,000 III/V epiwafers, silicon epiwafers and III/V substrates in 2004, up 27% year-on-year.

The company's revenue for the half-year ending 31 December 2004 was £7.3 million ($13.9 million), down £0.7 million sequentially, and 19% lower than the equivalent half of 2003.

According to IQE, the decline in sales resulted from the combination of a weak dollar, aggressive pricing reductions to attract more business, and a weakness in the optical components market.

Gross loss and operating loss for the second half of 2004 were £1.9 million and £5.1 million, respectively. These losses impacted upon IQE's reserves, and the company exited 2004 with £9.9 million in cash, compared with £21.7 million at the end of 2003.

The IQE Group will also lose the services of Martin Lamb, managing director of its Wafer Technology business, who has resigned and will leave the company on 29 April.

Former Qinetiq man Andy Johnson takes over as operations director at Wafer Technology, which is based in Milton Keynes, UK.

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