One of Wales’ top tech firms on way to ‘record results’

ONE of Wales’ leading technology firms, IQE, said it has generated sales of at least £150m for 2017.

In a pre-closing trading update for the year - ahead of publishing full year results in March - the global supplier of advanced wafer products and water services to the semiconductor industry said it revenues will be ahead of market expectations.

The Cardiff headquartered and London Stock Market listed business said that wafer sales are on track to deliver strong double-digit growth for the year as it has continued to diversify.

Its three primary markets are photonics, infrared and wireless.

It also behind an initiative to create the world’s first compound semiconductor cluster in south Wales.

Its chief executive Dr Drew Nelson said: “I’m very pleased to confirm that IQE is on track to achieve record financial results in 2017.

“The adoption of VCSELs (vertical cavity surface emitting lasers) in the mass market has been a key revenue driver in the year. IQE has built a strong and sustainable lead in this complex materials technology.

“VCSEL is just one of many advanced materials technologies that IQE has developed which will drive continuing growth in the near and mid term.

“IQE has created strong differentiation in the industry through its broad portfolio of materials technologies and it ability to scale and supply reliably in the mass market.

“Combined with our recent fund raising to pump prime our expansion, IQE’s outlook is for strong, diverse and sustainable growth”