Source - SMW
IQE - a leading global supplier of advanced wafer products and wafer services to the semiconductor industry - posts a net profit of £10.0m for the six months to the end of June, 122% up on last time.

Revenues rose by 18% to £63.0m and adjusted operating profits were up 61% at £10.8m while adjusted pre-tax profits increased by 71% to £10.1m.

Chief executive Dr Drew Nelson said: "IQE's continued strong financial performance reflects the significant progress made in diversifying revenues over the past few years, and its growing portfolio of intellectual property.

"A healthy performance in Wireless and IR has been supplemented by accelerated growth in photonics which is up 45%.  

"The photonics market is being driven by a diverse range of applications, and is at an early stage in the growth cycle. We expect our photonics business to continue to grow strongly for the foreseeable future.

"IQE has developed a broad portfolio of intellectual property for advance semiconductor materials. In addition to the £3.5m of license income generated in the first half, this IP portfolio is increasingly enabling IQE to differentiate itself, and create a platform for continuing growth across its current and emerging markets.   

"IQE has a pipeline of new products and customer qualifications which underpin its growth ambitions, with programmess expected to ramp through 2017 and 2018.    This includes new photonic applications, wireless base stations, advanced solar, and power switching applications."

At 8:08am: (LON:IQE) IQE PLC share price was +2p at 30.25p