IQE half-year revenue up 32% sequentially
IQE, a UK-based producer of epitaxial wafers and substrates, has posted revenue of £9.7 million ($17.3 million) for the fiscal half ending 30 June. Sales were up £2.3 million sequentially, and £1.6 million higher than the equivalent period of last year.
Loss for the recent half was £2.9 million, an improvement on the losses of £4.6 million and £5.5 million for the two previous half-year periods. Improvements to operating efficiency helped cut the company's gross loss from 25% in 2004 to 5% for the first half of this year.
"We exceeded our goal of monthly cash breakeven in June and posted our first monthly operating profit since June 2001," remarked IQE CEO Drew Nelson.
"Although the coming months will see some variability, we expect to achieve a monthly cash breakeven or above on an ongoing basis during the later part of H2/2005."
Profits would help strengthen IQE's cash position, which has fallen over the last year from £15.5 million to £5.9 million.
The company has cut staff at Wafer Technology, a substrate manufacturer that forms part of the IQE Group, to improve manufacturing efficiencies.