IQE first half revenues jump 20 pct
IQE (LON:IQE) expects to report revenues of at least £38 million and earnings of £6 million for the six months to end June, it emerged this morning.
The 20 percent rise in revenues from the same period last year was due to strength in both the wireless and opto electronics markets, said the company.
IQE offered an upbeat outlook for the rest of the year, expecting "robust" growth in its key businesses as demand for both industrial and consumer end-user devices that contain its products remains strong.
"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," said chief executive of IQE Drew Nelson.
Wireless revenues at IQE were driven by sales of its Gallium Arsenide products into wireless devices.
The Vertical Cavity Surface Emitting Laser technology, which is used in solar power projects among other things, was a major contributor to sales at the optoelectronics division.
IQE added that it has continued making progress with its electronics division.
The group's wafer products and services business Galaxy, which was acquired for US$14.15 million in cash last September, contributed £1 million in revenues during the six month period.
Investors cheered the update, sending shares in the AIM quoted semiconductor wafers specialist up 2 pence (5 percent) to trade at 43.5 pence in early deals, giving it a market cap of £228.3 million.
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