Shares in IQE Plc (LON:IQE) edged up nearly 4% to 26.5p this morning on news that revenues had surged by 54% to £33.0m during the six months to June 30. Shares in IQE have risen from 17.5p since the beginning of July. In today’s figures, pre -tax profits at the advanced wafer products group jumped to £2.2m, cancelling out a £1.4m loss in the same period last year. IQE, which supplies its technology to the semiconductor industry and has its chips designed into the majority of top-tier smartphones, reported that gross profit had risen by 93% to £7.3m, with EBITDA up 184% to £5.4m and net debt down by £3.4m to £15.6m.

The group enjoyed a strong performance in all its main markets, with wireless up 52%, optoelectronics up 55% and electronics up 102%. The company reckons its broad customer base has secured it a market share of around 30% in the wireless market. In the emerging optoelectronic markets, growth also accelerated, with CPV solar up 100% and VCSELs for finger navigation and optical USB up 70%. In electronics, the growth was driven by advanced BiCMOS and initial sales of IP rich advanced substrates such as GeOI and SOS.

Dr Drew Nelson, IQE’s chief executive, said: “IQE has delivered record results for the first half of 2010 and our strong operational gearing has turned 54% growth in revenues into a 184% increase in EBITDA. Our focus remains on exploiting our powerful intellectual property to deliver innovative and high-quality products to rapidly growing markets. The second half of 2010 has started well with strong demand across our full range of advanced semiconductor products leading us to have every confidence in both the short term and long term prospects of the business.”

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