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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.