IQE reports higher annual revenue

IQE plc, the supplier of wafer products to the semiconductor industry, reported a 17 per cent rise in annual revenue on Wednesday.

The company posted revenue of £88m, up from £75.3m the previous year, boosted by major transactions with Solar Junction Corporation, RF Micro Devices epitaxy division and epiwafer manufacturing business Kopin Corporation.

Adjusted pre-tax profit rose 5.0% to £8.6m from £8.2m.

IQE experienced the biggest growth in the second half of the year with sales up 45% to £53.7m and earnings before tax, interest, depreciation and amortisation (EBITDA) up 56% to £12.2m.

"IQE has been transformed over the last 14 months," Chief Executive Drew Nelson said.

"Three major transactions, the completion of our capacity expansion programme and the achievement of a number of significant qualifications in both wireless and photonics (optoelectronics) have laid the foundations for accelerated growth in 2013 and beyond."

RD