Business
IQE plc : Final Results
IQE plc : Final Results.
About this update from Iqe Plc
[{"type":"text","content":"\n IQE plc : Final ResultsRecord financial results reflect the adoption of IQE's VCSEL technology in mass market applications and broadening IP portfolio sets the Group for continuing diversification and growth.IQE plc (AIM: IQE, \"IQE\" or the \"Group\"), the leading global supplier of advanced wafer products and wafer services to the semiconductor industry, announces its final results for the year ended 31 December 2017. Financial highlights£' Million (except EPS)20172016*Restated ChangeRevenue154.5132.716.4% Wafers 152.6 126.0 21.1% Licensing 1.9 6.7 (71.9%) Adjusted1 Operating Profit26.422.119.2 % Wafers 24.5 15.5 58.4% Licensing 1.9 6.7 (71.9%) Adjusted1 Profit Before Tax24.320.618.0 %Adjusted1 Fully Diluted EPS23.4p*2.9p16.3 %Cash generated from operations29.722.532.6 %Capital investment334.819.182.5 %Net funds / (debt)45.6(39.5) Non-GAAP adjusted measures have been presented as detailed in note 4Fully diluted EPS for 2016 restated from 3.0p to 2.9p as detailed in note 1Capital Investment represents cash invested in tangible and intangible assets, including assets acquired under finance lease of £6.6m (2016 : £nil), and excludes consideration paid for acquisitions of £nil (2016: £11.3m) Strategic highlightsContinued revenue diversification with strong growth in high margin product linesRecord financial results reflect the adoption of IQE's VCSEL technology in mass market consumer applications in H2 of 2017Photonics sales up 109% to £47.6m for the full year, with H2 2017 sales up more than 160% over prior year H2.The strong ramp of VCSEL sales during H2 represents a unique achievement in the industry, as IQE leveraged its expertise of mass market wireless supply to the significantly more complex VCSEL materials system. Operational gearing of the business supports strong profit and cash generation Wafer sales up 21% to £152.6m, propelling adjusted operating profit from wafer sales up 58% to £24.5mStrong conversion of adjusted operating profit into operating cash of 113% (PY:102%) Excellent progress with our investments in capacity, and our growth and diversification strategyCapital investment increased to £34.8m to address near term and forseeable growth opportunities (PY £19.1m)Net funds of £45.6m (PY: Net debt £39.5m), reflects new equity raised of £95m (gross) in November 2017 ...