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News Article

Continued strong growth in revenues and profitability for IQE

Sales have been driven by the optoelectronics market and gallium arsenide products for wireless devices and gallium nitride for the radar and wireless infrastructure markets.

IQE, a global supplier of advanced semiconductor wafer products and wafer services to the semiconductor industry, is providing an interim trading update for the six months to 30 June 2011.

The Group expects to report first-half revenues of at least £38 million and EBITDA of at least £6 million, despite the adverse impact of foreign currency exchange.  Compared with the first half of 2010, this represents underlying growth in US dollar revenues of over 20%, which includes approximately £1m from the Galaxy business acquired in September 2010.

The strong organic revenue growth has been driven by both the wireless and optoelectronics markets.   Wireless sales have been driven by sales of GaAs products into wireless devices and strongly supplemented by the rapid growth of GaN sales into the radar and wireless infrastructure markets.

Organic revenue growth in the optoelectronics market has been driven across a range of end markets including IQE’s VCSEL technology for consumer and industrial applications, optical communications, and solar power.

The Group continues to make good progress with its electronics division, which is focussed on combining compound semiconductors with silicon to create the next generation in advanced semiconductor materials for a broad range of ultra high speed and high performance applications.

The outlook for the second half remains upbeat. The Board expects continuing robust growth in the Group’s core wireless and optoelectronics businesses, as demand for both industrial and consumer end user devices containing IQE products remain strong.  This confidence is strengthened by the continued progress being made in new product developments and qualifications.

Drew Nelson, IQE’s Chief Executive, commented, “The continued growth in demand for our wireless products and accelerated growth for our optoelectronic wafers have enabled us to maintain our rapid growth.  The prospects for the Group are very exciting and, with our highly geared business model, provide the Board with considerable confidence in a continued improvement in financial performance for the second half.”

IQE expects to report its interim results on 7 September 2011.
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