Sales, profits fall at IQE in H2
September 02, 2009 //
Wafer supplier IQE plc (Cardiff, Wales) posted a first-half operating loss for the first half of 2009 ended 30 June due to lower demand, but forecast a significant growth in sales during the second half and beyond as trading returned to pre-recession levels.
LONDON Wafer supplier IQE plc (Cardiff, Wales) posted a first-half operating loss for the first half of 2009 ended 30 June due to lower demand, but forecast a significant growth in sales during the second half and beyond as trading returned to pre-recession levels.
Sales were worth £21.4 million, compared to £30.2 million for the corresponding period last year. Gross profits were £3.8 million compared with £4.3 million in the first half of 2008.
Capital expenditure was just £0.7million, (H1 2008: £3.4m) which included £0.3m to complete capital projects begun in 2008.
Commenting on the interims, Dr Drew Nelson, IQE Chief Executive, said: "IQE is in a strong position, having taken decisive action to cut costs and restructure for growth. Our core smartphone market has recovered quickly and is now growing rapidly as phones become more connected and multi-functional, demanding ever more of our products. Furthermore, we have significant opportunities ahead of us in the emerging solar cell and solid state lighting markets.
"Even at the lowest point of the destocking cycle, IQE remained EBITDA positive, demonstrating the effectiveness of our restructuring and the resilience of our business. Now that trading has recovered, our high level of operational gearing should produce a strong second half with substantial free cash flow generation."
Wilson said the company's CPV solar cell products are continuing to gain market share.
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