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IQE debts escalate in first half of 2012

The firm says its acquisitions in the first half of 2012 provide a powerful platform for accelerating growth
IQE plc, a global supplier of advanced wafer products and wafer services to the semiconductor industry, has announced its half year results for the six months to 30th June 2012.

Revenues amounted to £34.3million as compared to £38.3m for the same period last year. EBITDA dropped from £6.1 million in the first half of 2011 to £4.0 million for H1 2012. Operating profit was slashed to £0.2 million from the £3.0 million of H1 2011.

Adjusted basic EPS was 0.13 pence, compared to 0.71 pence in the first half of 2011. Basic EPS was 0.02 pence, down from 0.60 pence in H1 2011. Net debt increased from £3.9 million in December 2011 to £7.5 million.

Drew Nelson, IQE Chief Executive, said, “The inventory correction by two major customers concluded after the first quarter as expected. The second half has started well and demand has returned as expected with the additional benefit of our newly acquired North Carolina business from RFMD."

“The transactions with Solar Junction and RFMD represent significant milestones in the execution of our growth strategy and will significantly enhance both our short and long term growth. They are highly complementary, extending our critical mass and global leadership in wireless, and bringing additional capacity to service the emerging high growth CPV market."

“Given IQE’s strategic positioning and with our international capacity expansion programme nearing completion, we remain confident of meeting current earnings expectations for the full year and of the Group’s exciting longer term growth prospects.”

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