Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
IQE standing firm
Semiconductor wafer manufacturer IQE (IQE) has reported an encouraging trading update amidst increased usage of its technology in devices such as smartphones.
The AIM 100 constituent declared that revenues for the year to December are expected 'to exceed £75 million', an increase on the £73 million reported the previous year. EBITDA (Earnings before interest, taxation, depreciation and amortisation) is expected to stand at £13.7 million. Net debt of 'less than £4 million' is anticipated.
The company enthused that sales growth was driven by the 'double-digit' improvement in its wireless and optoelectronics divisions, noting that growth in wireless sales was reflected by the increasing popularity of devices using its Gallium Arsenide wafers in smartphones and tablet computers.
There was a reminder that second half sales were adversely affected by 'inventory corrections in the supply chain' relating to what it described as 'market share swings' amongst some of its key customers, as highlighted in a profit warning in October. It added these have now 'unwound as expected' and should be resolved by the first quarter of 2012.
Looking ahead the group enthused on the progress made with its BiHEMT product, remarking that it is in the 'final stages of qualification' with two of the 'leading wireless chip manufacturers'.
Analysts at Peel Hunt are forecasting pre-tax profits of £7.23 million (EPS: 1.36p) for the year to December 2011. In 2012 profits of £8.78 million (EPS: 1.54p) are expected.
Last recommended by Growth Company Investor in January of 2010 with an 'add' rating at 19p, shares in IQE surged to a high of 59p in early 2011 before sinking to their current value of 25p after a dismal 2011. At the current price the shares, which do not offer a dividend look fairly valued. Hold.
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