Its results for 2009 show a pre-tax profit of £3 million compared with a loss in 2008 of £1.4 million and recorded record revenues for the second half of the year.
IQE said its high-power LED and laser development has been accelerated since its acquisition of NanoGaN in October last year. The firm also stated that it had achieved its goal of qualifying with all major wireless chip manufacturers.
Chief executive Dr Drew Nelson said the supplier had made excellent progress on all fronts in 2009 and believes the company's continued investment in research and development during the past 12 months will leave it in good stead.
He said: "We continue to build on our market leadership, and by continued investment in R&D throughout the downturn. We now have a product range that addresses almost all of the rapidly growing markets for compound semiconductor materials."
