December 20, 2017 / 7:58 AM / a year ago

Britain's IQE expects 2017 revenue, profit to beat market estimates

(Reuters) - Chipmaker IQE Plc (IQE.L) said on Wednesday it expected 2017 revenue and pre-tax profit to be ahead of market expectations, helped by strength across its businesses.

Revenue is expected to be not less than 150 million pounds for the year ending Dec. 31, the company which supplies chips to Apple Inc (AAPL.O) said in a statement.

This compares with analysts’ expectations of 148.7 million pounds, according to data compiled by Thomson Reuters.

Profit before tax is expected to beat expectations as higher wafer sales continue to drive margins in 2017, it added. Analysts expect a profit before tax of 23.7 million pounds.

If the U.S. government’s plan to reduce the corporation tax rate to 21 percent from 35 percent materialises, it would have a “positive long-term financial benefit” for the company, IQE said.

The company is scheduled to report its annual results on March 20.

Reporting By Justin George Varghese in Bengaluru; Editing by Subhranshu Sahu

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