Wafer supplier IQE had 2014 revenues of £112 million with H2 revenues of £60m up 15% from H1.
Operating profit was up 21% from £14.6m in 2013, to £17.6m.
“Demand from our customers across multiple product areas strengthened through the year,” says IQE CEO Dr Drew Nelson, “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.”
“Trading in the first three months of the current year has been in line with our expectations,” adds Nelson, “the outlook remains positive.”
Cash inflow from operations (before exceptional items) was up 21% from £16.2m to £19.6m and net debt was down by £3.2m (9%) from £34.4m to £31.3m
IQE sees robust demand from the wireless sector, driven by adoption of 4G LTE for mobile devices and the continuing growth in mobile data
Compound Semiconductor solutions continue to dominate power amplifier (PA) production
And photonics revenues grew 23% year on year.
Rapid adoption of VCSEL technology by Tier 1 customers helps drive 30% increase in lasers and sensors
IQE’s infrared division saw revenues up 13% year on year and Advanced Solar has commenced pilot production for field deployment, which IQE expects to ramp into full production through 2015/16
Gallium Nitride is making strong technical progress in both RF for LTE base station deployment and in power for energy efficient switching
The company has a significant supply agreement with MACOM Solutions
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