IQE shares fall after results

IQE PLC (IQE.LN) said Wednesday that pretax profit rose 19% in the first half, and said it is confident of achieving current market expectations.

Pretax profit for the first six months of 2018 was 6.6 million pounds ($8.6 million) compared with GBP5.6 million in the year-earlier period, the supplier of wafer products and services to the semiconductor industry said.

The company said its first-half performance was dragged by currency headwinds, accelerated customer qualification programs and preproduction costs at its foundry in Newport, Wales.

On an adjusted basis, pretax profit fell 21% to GBP7.6 million from GBP9.7 million a year before, IQE said.

Revenue for the first half rose 4.0% to GBP73.4 million from GBP70.6 million in the same period a year earlier, the company said.

The company said it is strongly positioned to deliver healthy profit growth and cash generation going forward, and remains confident of meeting market forecasts at current exchange rates.

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