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IQE returns to profit on weaker 2009 sales
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Silicon based epitaxy wafer specialist IQE has reported record second half year revenues of £31.2 million with full-year revenues of £52.7 million, down from £60.5 million in 2008. The company produced a pre-tax profit £2.1 million compared to a £1.4 million loss in 2008. “We made excellent progress in 2009 on all fronts - strategic, operational and financial,” commented Dr Drew Nelson, IQE Chief Executive. “We continue to build on our market leadership, and by continued investment in R&D throughout the downturn. We now have a product range that addresses almost all of the rapidly growing markets for compound semiconductor materials.”
“We are at a very exciting time in the Group’s history. We continue to make excellent progress in our core wireless business, whilst at the same time are building an IP rich advanced semi-conductor ‘power house’ that is uniquely positioned to take advantage of the high growth markets that are rapidly emerging in areas such as solid state lighting (SSL), CPV solar cells and consumer electronics. We are confident that IQE is well positioned to achieve continued growth in sales in 2010.”
IQE had reduced capital spending in 2009 after a period of expansions in 2008, which aided a return to profitability.