British chipmaker IQE secured a record revenue performance last year amid soaring global demand for its technology.
The London-listed firm, which makes components for chips used in Apple products, said full-year revenue would come in at roughly £178m.
This is in line with its previous guidance of at least £170m and marks year-on-year growth of 25 per cent.
Shares in IQE were trading almost five per cent higher following the announcement.
Global demand for semiconductors has soared in recent months amid the rollout of new technologies such as 5G, cloud computing and the internet of things.
The Cardiff-based firm had a cash position of roughly £2m at the end of the year, compared to net debt of £16m in 2019.
It said this was due to strong trading performance, as well as continued reduction in capital investment and a focus on cash management.
IQE founder and chief executive Dr Drew Nelson hailed “real strategic progress over the past year with excellent results”.
“The whole IQE team contributed to this result and they have demonstrated outstanding resilience throughout what was a hugely challenging year globally,” he said.
Nelson last year announced he will step down from IQE after three decades at the helm.
He will step aside once a successor has been found and act as a board member and advisor with the title president.