Strong update buoys AZ

SHARES in AZ Electronic Materials rose 3.1 per cent yesterday at 288.9p after the supplier of specialist chemicals for chip makers said trading in the first-quarter was strong, driven by buoyant end-user markets.

Revenues in the quarter rose 27 per cent to $192.3m (£117m), the firm said, adding that underlying earnings were in line with expectations.

“The forecast-beating recent results from a number of

chip makers and electronics manufacturers... have clearly driven the robust levels of demand for AZ’s materials,” Brewin Dolphin says in a note.

The earthquake-related disruption in Japan, which accounts for 20 per cent of AZ’s sales, has been handled very impressively, added the broker.