8-16 News v2 10/9/09 13:25 Page 16
news review
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Strong position for next growth
IQE plc has announced its Interim Results second half performance. There has also “Even at the lowest point of the destocking
for the half year ended 30 June 2009. The been significant progress in high-growth cycle, IQE remained EBITDA positive,
company saw sales of £21.4m (H1 2008: emerging markets of solar and solid state demonstrating the effectiveness of our
£30.2m) with a gross profit of £3.8m (H1 lighting. IQE’s industry-leading CPV solar restructuring and the resilience of our
2008: £4.3m) with a net debt of £18.9m, cell products gaining market share, business. Now that trading has recovered,
that was better than expectations. contributing to H2 sales. our high level of operational gearing should
produce a strong second half with
The company saw a sharp increase in Dr Drew Nelson, IQE Chief Executive, substantial free cash flow generation.”
orders from May 2009 as destocking began commenting on the results said:
to reach its conclusion. There has been a “IQE is in a strong position, having taken IQE will continue to focus on fast growing,
continued strength in smartphone and decisive action to cut costs and restructure large volume technologies and in particular
advanced wireless shipments (e.g. for growth. high-speed wireless communications and
notebooks) despite global recession. This advanced optoelectronics.
combined with management actions in Q4 Our core smartphone market has recovered
2008 to restructure the business and quickly and is now growing rapidly as The Group continues to develop advanced
reduce costs have underpinned a solid H1 phones become more connected and multi- solar cell technology, high-efficiency solid-
performance. functional, demanding ever more of our state light sources, advanced lasers and
products. Furthermore, we have significant ultra-high-speed microprocessor and
The company has also actively sought opportunities ahead of us in the emerging memory-chip materials technologies for
opportunities during the downturn that has solar cell and solid state lighting markets. these large-volume emerging markets.
enabled them to capture market share,
attract new talent, and drive operational
efficiencies. IQE sees further evidence of
the trend towards outsourcing as their
customers seek to control capital and
Increasing material use
operating expenditure.
Neo Material Technologies has announced
IQE is reporting that trading has already the closing of the acquisition of 100 % of all
returned to pre-recession levels in Q3 issued and outstanding shares of Recapture
2009, positioning the Group for a strong Metals Limited (“Recapture”). Neo has
issued 4.5 million new common shares and
paid CDN$6.5 million in cash to Recapture
shareholders.
Compounding solar
Of the total consideration, 2.25 million of
the new common shares and CDN$3.0
efficiency
million will be held in escrow and released
by an escrow agent in accordance with the
terms of an escrow agreement in place, and
subject to certain post closing adjustments.
Sunovia Energy Technologies Inc, a
provider of products within the LED Neo will also make additional payments in Recapture produces, reclaims, refines and
lighting and solar markets, has reported cash or new common shares, at Neo’s markets high value niche metals and their
the completion of the design and option, conditional upon certain agreed compounds which are primarily used in the
construction of a closed space upon EBITDA targets for three calendar wireless, LED, flat panel, solar and catalyst
sublimation (CSS) system for fabrication years, commencing in 2010, being met or industries.
of polycrystalline cadmium telluride exceeded.
(CdTe) solar cell devices. The work was Recapture’s current commercial product
completed in collaboration with “The expansion of Neo’s product line with lines include gallium and indium and it is in
Sunovia’s partner EPIR Technologies Inc. Recapture’s complementary rare elements the process of commercializing a rhenium
gives Neo a footprint into new growing and recycling operation.
The two companies are developing an exciting applications. Recapture also
ultra high-efficiency, low cost CdTe on diversifies Neo’s production base beyond With operations in Canada, the United
silicon photovoltaic product that is based the Asia Pacific region,” said Constantine States and Germany, Recapture has
on single-crystal CdTe instead of the Karayannopoulos, President and CEO. “We approximately 65 employees. Recapture will
polycrystalline material used in CdTe welcome Larry Seeley and his team at become part of the Company’s Performance
panels on the market today. Recapture to Neo and look forward to Materials Division (formerly the AMR
growing the business with them.” Performance Materials Division).
16 www.compoundsemiconductor.net September 2009
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