January 21, 2014 / 8:00 AM / 4 years ago

IQE estimates 49 percent jump in full-year core profit

Jan 21 (Reuters) - British semiconductor materials maker IQE estimated a 49 percent jump in 2013 core earnings, helped by strong sales growth and improved operational efficiencies.

The company estimated full-year earnings before interest, taxes, depreciation and amortization (EBITDA) of at least 24.5 million pounds ($40.23 million) compared with 16.4 million pounds a year earlier.

The company said revenue for the year ended Dec. 31 was expected to be at least 126 million pounds, up 43 percent from a year earlier.

IQE, whose products are used in microchips in smartphones, tablets and GPS equipment, said it was able to renew its existing contractual relationships with key wireless customers towards the end of 2013.

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