21st Jan 2014 09:48
LONDON (Alliance News) - IQE PLC expects full-year revenue of at least GBP126.0 million in the year ended December 31, 2013, up 43% from GBP88.0 million in 2012, as it expects to see sequential growth during the second half despite weak guidance from a number of its wireless customers and a significantly strengthening sterling to dollar exchange rate.
IQE supplies advanced wafer products to the semiconductor industry.
The company expects earnings before interest, tax, depreciation and amortisation of at least GBP24.5 million in 2013, up 49% from GBP16.4 million as it saw strong sales growth and improved its operational efficiency.
IQE said it had made progress on its power and LED materials employing gallium nitride on silicon technology, which had been further endorsed by being included in a significant US energy initiative announced last Wednesday by US President Barack Obama.
IQE said it was confident it could deliver increased free cash flow during 2014 and beyond as it continued to diversify and realise cost synergies from recent acquisitions.
Shares in IQE were trading up 4.8% at 27.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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