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BRIEF-IQE says on track to deliver full year expectations
October 20, 2017 / 6:27 AM / a month ago

BRIEF-IQE says on track to deliver full year expectations

Oct 20 (Reuters) - IQE Plc:

* ‍RECENTLY ENGAGED SERVICES OF TAX FIRM TO ASSIST WITH A ROUTINE US TAX FILING FOR YEAR ENDED 2016​

* ‍UNEXPECTEDLY, EXERCISE HAS IDENTIFIED TAXES DUE IN US RELATING TO PROFITS OF AN OVERSEAS SUBSIDIARY FOR YEARS ENDING 2013, 2014, 2015 AND 2016​

* ‍FIRM HAS ESTIMATED TAX DUE AS ABOUT £4.2M, AND IS IN PROCESS OF CALCULATING ACTUAL AMOUNT, WHICH MAY TAKE UP TO 4 WEEKS​

* ‍IQE HAS ALSO ACCRUED INTEREST DUE OF UP TO £0.4M​

* ‍IT IS BELIEVED THAT NO SIMILAR TAX LIABILITY ARISES IN 2017​

* ‍THERE IS NO IMPACT, OR ADDITIONAL TAX PAYABLE, ON EXPECTED TRADING RESULTS FOR 2017​

* ‍GROUP IS ON TRACK TO DELIVER FULL YEAR EXPECTATIONS, INCLUDING THAT OF NET DEBT​ Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 80 6749 1136)

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