TIDMIQE

RNS Number : 4009S

IQE PLC

14 July 2022

IQE plc

Cardiff, UK

14 July 2022

Pre-close Trading Update

IQE plc (AIM: IQE, "IQE" or the "Group"), the leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry , provides an unaudited pre-close Trading Update for the six months ended 30 June 2022.

Trading for H1 2022 was in line with management expectations. Revenue for the half is expected to be at least GBP85m (>7% growth) on a reported basis. With a foreign exchange tailwind, this is in line with prior year revenue of GBP79.5m on a constant currency basis.

The Group's view of the full year remains unchanged with previously issued guidance of low single digit % revenue growth in 2022 (at constant currency), with growth weighted towards H2.

The Group is focussing on executing the strategy of pursuing long term sustained growth through diversification and value creation. Milestones achieved in the first half of 2022 include the signing of a multi-year supply agreement with Lumentum, a strategic partnership agreement with Porotech, the announcement of the world's first commercially available 200mm VCSEL and a commitment to Net Zero and Carbon Neutrality. Further milestones are anticipated for H2 as the business is positioned for growth.

The Group will report full (unaudited) interim results on 6(th) September 2022.

Americo Lemos, CEO of IQE, commented:

"I am pleased we have met our expectations and commitments for H1 2022. This year is about laying foundations for the healthy growth of the business, with a focus on a market approach while developing relationships with strategic customers to deliver long term growth and value to shareholders. We look forward to continuing with this momentum throughout the rest of the year".

Contacts:

IQE plc

+44 (0) 29 2083 9400

Americo Lemos

Tim Pullen

Amy Barlow

Peel Hunt LLP (Nomad and Joint Broker)

+44 (0) 20 7418 8900

Edward Knight

Paul Gillam

James Smith

Citigroup Global Markets Limited (Joint Broker)

+44 (0) 20 7986 4000

Christopher Wren

Peter Catterall

Headland Consultancy (Financial PR)

+ 44 (0) 20 38054822

Andy Rivett-Carnac: +44 (0) 7968 997 365

Antonia Pollock: +44 (0) 7789 954 356

ABOUT IQE

http://iqep.com

IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:

   --    handset devices 
   --    global telecoms infrastructure 
   --    connected devices 
   --    3D Sensing 

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the whole market and is agnostic to the winners and losers 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 c. 685 employees across nine manufacturing locations in the UK, US, Taiwan and Singapore, and is listed on the AIM Stock Exchange in London.

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July 14, 2022 02:00 ET (06:00 GMT)

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