IQE rallies on the back of “strong double-digit sales growth”
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Shares in compound semiconductor wafer manufacturer IQE (LON:IQE) jumped 5.2p to 106.6p (as at BST) as it said it expects to deliver revenues of approximately £73 million for the first half of 2018 (H1 2017: £70 million), which was achieved against a currency headwind of 9.5%, “reflecting strong double-digit sales growth on a constant currency basis in each of its three primary markets.”
The standout performer was the Photonics segment, which is expected to deliver growth of 30% on a constant currency basis for the first six months of the year, when compared with H1 2017. Meanwhile, Infrared and Wireless both delivered sales growth of 11%.
“We have significant engagements for our other core technologies, including GaN on Silicon, cREO and QPC, and these are proceeding as planned,” commented IQE CEO Drew Nelson. “The H2 2018 ramp for Photonics has already started and we look forward to the rest of 2018 and in particular the further ramp up which is expected in 2019, with considerable anticipation.”
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