IQE revenue grows despite inventory correction

Cardiff based semiconductor wafer manufacturer IQE said progress at the firm was temporarily impacted in the fourth quarter by inventory corrections at two major wireless customers but it remains well positioned for growth.

Cardiff based semiconductor wafer manufacturer IQE said progress at the firm was temporarily impacted in the fourth quarter by inventory corrections at two major wireless customers but it remains well positioned for growth.

The group, which makes microchips for wireless devices like GPS equipment and smartphones, said pre-tax profit rose to £6.9m for the year ended 31 December 2011 from £6.3m the year before. Revenues climbed to £75.3m from £72.7m despite an inventory correction in the fourth quarter at two major wireless customers.

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