20th Jul 2015 07:18
LONDON (Alliance News) - IQE PLC on Monday said it expects a rise in revenue and adjusted operating profit in the first half and said it is trading in line with market expectations for the full year.
IQE, which provides semiconductor wafer products and services, said its revenue for the first half to the end of June is expected to be GBP53.2 million, up 2% from the GBP52 million posted a year earlier.
The group expects its adjusted operating profit to be up 5% to GBP6.7 million in the half and expects its net debt to fall by 12% to GBP31.1 million.
"This was a solid start to the year, in which we delivered continued improvement in our financial results and further reduced our borrowings. Our wireless business is proving to be a stable platform to leverage strong and sustainable growth in our photonics business. Beyond this, we are making encouraging progress in advanced solar and power switching, both of which we believe will be high growth markets for IQE in the near future," said Chief Executive Drew Nelson.
"The second half has started well, and we are on track to meet our expectations and deliver continued growth in profits and cash generation," Nelson added.
IQE shares were up 1.1% to 24.00 pence in early trade on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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