IQE says outlook has 'never looked better'

Welsh semiconductor firm IQE said its outlook had "never looked better" after announcing a £70m increase in turnover on Monday.

However, the 12% revenue increase was not enough to stop pre-tax profits slipping 5% during the first half of the year to £9.6m from the £10.1m it posted over the same timeframe one year earlier.

IQE's advanced semiconductor wafer product sales were up 17% across its three primary divisions, wireless, photonics and infrared, accounting for $69.4m of the firm's total revenue, despite a 10% headwind from foreign exchange.

IQE chief executive, Dr Drew Nelson, said "IQE's outlook has never looked better. The broad range of customer engagements across multiple technologies and multiple end markets, provide a clear path to increase revenue diversity and accelerate growth over the coming months and years ahead."

As of 0935 BST, shares crept ahead 2.09% to 140.88p.