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IQE plc provided a pre-close trading update for the six months ended 30 June 2024, expecting revenue of at least £65m. This represents a year-on-year increase of at least 25% (H1 2023: £52.0m) and c.3% growth from H2 2023. The Group anticipates reporting its interim results on 10 September 2024.
| Date | 23 Jul 2024 |
| Time | 07:00:07 |
| Category | Trading updates |
| ID | 4345X |
IQE plc
Cardiff, UK
23 July 2024
Trading Update
- Trading in line with management expectations
- Strategic progress underpinned by continued revenue growth
IQE plc (AIM: IQE, "IQE" or the "Group"), the leading global supplier of compound semiconductor wafer products and advanced material solutions, provides a pre-close trading update for the six months ended 30 June 2024.
Revenue for the first half is expected to be at least £65m, in line with management expectations. This represents a year-on-year increase of at least 25% (H1 2023: £52.0m) and half-on-half growth of c.3% from H2 2023.
The Group expects to report its interim results on 10 September 2024.
Americo Lemos, Chief Executive Officer of IQE, commented:
"I am pleased with the performance we have delivered for H1, in an industry which will remain in recovery throughout 2024. As markets correct at varying paces, we remain confident in our diversification strategy which will enable us to take advantage of the growth opportunities ahead."
Contacts:
IQE plc
+44 (0) 29 2083 9400
Americo Lemos
Jutta Meier
Amy Barlow
Peel Hunt (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Ben Cryer
Kate Bannatyne
Adam Telling
Deutsche Numis (Joint Broker)
+44 (0) 20 7260 1000
Simon Willis
Hugo Rubinstein
Iqra Amin
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Chloe Francklin: +44 (0)78 3497 4624
ABOUT IQE
IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:
· Smart Connected Devices
· Communications Infrastructure
· Automotive and Industrial
· Aerospace and Security
As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the global market and is enabling customers to innovate at chip and OEM level. By leveraging the Group's intellectual property portfolio including know-how and patents, it produces epitaxy wafers of superior quality, yield and unit economics.
IQE is headquartered in Cardiff UK, with employees across eight manufacturing locations in the UK, US and Taiwan, and is listed on the AIM Stock Exchange in London.