AZ Electronics boosted by demand for its smartphone components in first half

AZ ELECTRONICS reported strong growth in revenues for the first half yesterday on the back of healthy smartphone and iPad sales.

The electronic materials firm, which counts Apple and Samsung among its clients, saw underlying earnings before tax rise 18 per cent from last year to $129.5m (£79.5m).

AZ reported total revenues up 22 per cent at $391.8m.

The firm’s integrated circuits division performed particularly well, posting revenue growth of 31 per cent to $269.2m.

Strong cash flows reduced the company’s net debt by half to $402.2m.

Chief executive Geoff Wild (pictured) said the success was down to “continued demand for faster, smaller, more powerful electronic devices”.

The firm is expanding its Korean facility from 2013 in a bid to localise the supply of major products.

The firm’s shares, which have gyrated since its float in November, soared 7.5 per cent to 226.9p yesterday – though the shares still lie below AZ’s 255p float price.