Business
2018 Full Year Results
2018 Full Year Results.
About this update from Iqe Plc
[{"type":"text","content":"\n 2018 Full Year ResultsEmbargoed until 07:00, 20 March 2019IQE plcSignificant capital investment in capacity establishes sound base for growth in 2019, driven by Photonics and 5G WirelessCardiff, UK. 20th March 2019: IQE plc (AIM: IQE; \"IQE\", the “Company” or the \"Group\"), the leading global supplier of advanced wafer products and materials solutions to the semiconductor industry, announces its results for the year ended 31 December 2018.Financial Summary£m (except EPS and profit %)31 December 201831 December 2017 (as restated)***Change%Revenue156.3 154.6+1.1%Wafers156.3 152.7+2.4%Licensing- 1.9(100%) Wafers Gross Profit*36.8 41.9(12.2%)Wafers Gross Profit %*23.5 27.4(14.2%) EBITDA*26.4 37.2(28.9%) Operating Profit*16.0 26.5(39.6%)Wafers16.0 24.6(35.0%)Licensing- 1.9 (100.0%)Operating Profit %*10.2 17.1(40.2%)Wafers Operating Profit %*10.2 16.1(36.5%)Licensing Operating Profit %*- 100.0(100.0%) Share of joint venture losses(2.0)-N/A Profit Before Tax*14.0 24.5(43.0%) Fully Diluted EPS*1.38 3.38(59.2%) Cash generated from operations17.0 29.7(42.8%) Capital Investment42.4 34.8+21.8% Net funds20.8 45.6(54.4%)* Non-GAAP adjusted measures have been presented as detailed in note 5** Capital investment represents cash invested in tangible and intangible assets, including assets acquired under finance leases in 2018 of £nil (2017: £6.6m).*** The comparative financial contained in the financial statements for the year ended 31 December 2017 has been restated following the introduction of IFRS 15 “Revenue from contracts with customers”.RevenuesWafer revenues at constant currency (which excludes licence income) increased 5.3% to $209.3m (2017: $198.7).Wireless revenues increased £6.1m (up 6.6%) to £97.8m (2017: £91.7m). £5m of the increase was from customer last time buys of GaN prior to the closure of our facility in New Jersey. Replenishment of wireless inventory channels that were depleted following the conversion of wireless capacity to accommodate the aggressive VCSEL ramp in H2 2017 during a period of capacity constraint al...