Leading global supplier of advanced wafer products and wafer services to the semiconductor industry IQE has posted record half year results, boosted by its acquisition strategy.
For the six months to the end of June this year revenues were up 84% to £63m, compared to £34.2m last year.
IQE has become a world leader in the wireless market which was boosted in January with its acquisition of Kopin Wireless in a $75m deal. It has made a string of acquisitions over the last 18 months.
IQE is also well positioned for significant commercial upside from its products in advanced solar (CPV), power semiconductors, LED lighting as well as a range of consumer and industrial applications utilising advanced lasers (VCSELs).
IQE’s chief executive Dr Drew Nelson 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.”
Dr Nelson said advanced properties of compound semiconductors go far beyond just wireless communication.
He added: "We have built a strong IP portfolio and are primed to exploit the adoption of compound semiconductors in a number of mass market applications.
“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 $200-500m 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.”