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News Article

IQE half-year revenue up 32% sequentially

Rising sales and improving operating efficiencies have significantly increased IQE's gross margin.

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.

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