IQE reports final year end results
IQE plc, a global supplier of advanced semiconductor wafer products and wafer services, has announced its final results for the year ended 31 December 2014, following its initial unaudited trading update in January.
Financial highlights include a revenue of £112m in line with expectations reflecting second half year revenues of £60m up 15 percent from the first half; operating profit of £7.2 million up 21 percent from £14.6m to £17.6m; and operating profit margin up from 11.5 percent to 15.7 percent.
Dr Drew Nelson, IQE CEO, said: "The group's performance for 2014 was encouraging. Demand from our customers across multiple product areas strengthened through the year. We enjoyed a significant pickup during the second half which enabled us to deliver improved second half revenues. As a result of reduced overheads and improving utilisation of our manufacturing facilities, we achieved better margins and delivered increased full year earnings and cash flows. I am also delighted with the progress we have made in reducing net debt.
"We are making good progress against our strategic objectives. Our wireless business continues to provide a solid platform, whilst our other markets are delivering encouraging revenue growth and are helping us to diversify our revenues.
"Trading in the first three months of the current year has been in line with our expectations. The outlook remains positive, which underpins the Board's confidence that we remain on track to achieve our expectations for the full year."
