21 March 2017 – final results
IQE, the global supplier of advanced wafer products and wafer services to the semiconductor industry, has announced its final results for the year to 31 December and these have revealed a 16.4% increase in revenues to £132.7m (2015: £114.0m). Adjusted pre-tax profits increased by 17.4% to £20.6m (2015: £17.6m), with earnings per share on the same basis rising 15.4% to 3.0p (2015: 2.6p). There is no dividend. These are clearly excellent results and the company continues to make significant progress. The group’s strong cash flow meant that net debt at the year end was just £16.3m higher at £39.5m after capital expenditure of £19.1m and the payment of deferred consideration of £17.1m for previous acquisitions. The current year has started well though and the directors have issued a very positive statement for the year as a whole. Although the shares have enjoyed a strong run in recent weeks we believe they remain a BUY.