IQE profit jumps 51 pct due to acquisitions, cost cuts

March 26 Wed Mar 26, 2014 3:29am EDT

March 26 (Reuters) - British semiconductor materials maker IQE Plc said full-year profit rose 51 percent, helped by acquisitions and cost cuts.

Adjusted pretax profit rose to 13 million pounds ($21.46 million) in the year ended Dec. 31 from 8.6 million pounds a year earlier.

Revenue jumped 44 percent to 126.8 million pounds, including a 31 million pound contribution from Kopin Wireless that IQE acquired in January 2013.

The company, whose products are used in microchips used in smartphones, tablets and GPS equipment, said it was confident of achieving 2014 earnings expectations. ($1 = 0.6059 British Pounds) (Reporting by Tasim Zahid in Bangalore; Editing by Joyjeet Das)

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