Update: Diversification delivers growth
IQE’s diversification strategy enabled it to deliver growth in profits and sales during FY15 despite weakness in the wireless market and associated destocking. Non-wireless sales accounted for 30% of revenues compared with 20% in FY14. The acquisition of exclusive licensing rights for gallium nitride-on-silicon (GaN-on-Si) technology from Translucent and formation of JVs in the UK and Singapore have laid the foundations for new revenue streams, which have already benefited the FY15 results.IQE is a holding company. Through its subsidiaries, Co. is engaged in the development, manufacture and sale of semiconductor materials. Co.'s primary business is the manufacture of compound semiconductor wafers or epiwafers using a process called epitaxy. Co.'s primary reporting segments are: Wireless, which covers electronic devices that communicate wirelessly; Photonics, which covers applications that either emit or detect light; Infrared, which uses indium antimonide and gallium antimonide engineered materials that enable high resolution Infrared systems; and CMOS++, which combines the properties of compound semiconductors with silicon.
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