NEWS REVIEW
Wireless market drives record results for IQE
IQE PLC, a global supplier of advanced wafer products and wafer services to the semiconductor industry, has announced its half year results for the six months to 30th June 2013. Revenues were up 84% to £63.0 million as compared to the first half of 2012 (H1 2012), where revenues were £34.3 million. The figure for this year was boosted by acquisitions including the purchase of Kopin Wireless.
EBITDA for H1 2013 was up 162% to £10.5 million as compared to the same period last year when it was £4.0 million. Adjusted Profit Before Tax (PBT) increased tenfold from £0.5 million to £5.1 million (reported PBT was £2.5 million). Adjusted basic Earnings Per Share (EPS) increased from 0.13p to 0.82p (reported basic EPS was 0.39p). EBITDA and adjusted profit measures exclude non-cash charges for share based payments, non-cash acquisition related charges and exceptional items.
Net debt increased from £15.5 million in December 2012 to £37.7 million at the end of June 2013.
Drew Nelson, who is IQE Chief Executive made a statement commenting on the results. He said “These record financial results are a clear testimony to the transformation we’ve achieved over the last 18 months. Our two strategic wireless acquisitions have been successfully integrated and are performing very strongly. These deals represented the final building blocks in our wireless strategy, and we are now firmly focussed on delivery.”
“Although the recent weakness in the global smartphone market, ahead of new product launches, has injected a greater degree of uncertainty in the short term, the overall wireless story remains as exciting as ever. The demand for greater connectivity, the increasing complexity of wireless communications and the explosion in data traffic continue to drive increasing demand for compound semiconductors. We are uniquely positioned to exploit this long term growth trend as the clear leader in providing a broad range of high performance wireless products.” “The advanced properties of compound
semiconductors go far beyond just wireless communication. We have built a strong IP portfolio and are primed to exploit the adoption of compound semiconductors in a number of mass market applications. These include advanced solar (CPV), Power Semiconductors, LED lighting as well as a range of consumer and industrial applications utilising advanced lasers (VCSELs).”
“Advanced solar (CPV) is a disruptive technology which is gaining traction in the energy market. Advances in cell and system efficiency are accelerating the adoption of CPV, which is widely expected to be a $200-500 million market for compound semiconductor materials in the next three to five years. Having successfully hit all major technical and operational milestones, and recently posted new world record efficiencies from our production platform, we are now qualified for high volume manufacturing to commence over the coming months.”
“Our significant progress in strengthening and broadening the wireless business, whilst building a solid platform of technologies which are poised for strong growth in our other target markets, mean we remain confident of achieving market earnings expectations for the full year. The operational leverage of our business model should create significant earnings growth as our revenues increase.”
Currently, approximately 85% of the Group’s sales are into the wireless communications market. This market has enjoyed strong and sustainable growth driven by the proliferation of wireless communication devices, and the requirement for more compound semiconductor chips per device as wireless communication becomes increasingly complex.
The Group expects these factors to continue to drive growth in demand for compound semiconductors for many years to come. IQE’s key end markets are wireless, photonics (incorporating advanced solar, high resolution infrared, and opto-electronics), electronics (advanced technologies) and the power switching and LED lighting industry.
PicoQuant Spectroscopy
for
Semiconductor Wafer Analyzer
Customized solutions
for individual wafers and 2D lifetime imaging
Measure minor carrier lifetimes from picoseconds to milliseconds
Features
• • •
Suited, e.g., for GaAs, CdTe, CIGS, organic materials Instrument response down to 100 ps (FWHM) Excitation and detection range: 300 nm to 1700 nm
Applications •
• • •
Monitoring of Time-Resolved Photoluminescence (TRPL) Quality control Materials research Solar cell research
PicoQuant GmbH Berlin, Germany
www.picoquant.com
October 2013
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