IQE PLC Iqe Plc: Pre-close Trading Update
14 July 2021
Pre-close Trading Update
IQE plc (AIM: IQE, "IQE" or the "Group"), the leading
manufacturer of advanced semiconductor wafer products and materials
solutions for the global semiconductor industry, provides a
pre-close Trading Update for the half year ended 30 June 2021,
which is subject to external audit review.
Trading in the first half of 2021 was in line with management
expectations, with continued strong growth in Wireless products for
5G handsets and WiFi 6 routers offsetting a year-on-year reduction
in Wireless products for 5G infrastructure.
Revenue for the first half of the year is expected to be
c.GBP79m on a reported basis. This is consistent with previously
issued guidance at a constant currency equivalent of c.GBP87m
Adjusted EBITDA is also expected to be consistent with
previously issued guidance at a constant currency equivalent of
c.GBP16m (2020: GBP16.4m).
IQE continues to make good strategic progress, solidifying and
improving its competitive position in each of its core product
areas and geographies, while bringing new products to market. The
search for a new CEO is at an advanced stage and we look forward to
updating the market in due course.
Dr Drew Nelson, Chief Executive Officer of IQE, said:
"I am pleased to provide an update to the market in line with
our expectations. I am also pleased with our strategic progress
across the business during the period. In the short term, the
nature and volume of 5G infrastructure rollouts remains a headwind,
in contrast to the continuing strength in demand for products for
5G handsets and WiFi 6 routers. 5G will be a multi-year cycle and
I'm excited that the medium and long-term prospects for this macro
trend are as strong as ever. IQE is exceptionally well-positioned
to benefit from that future growth."
+44 (0) 29 2083 9400
Peel Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Citigroup Global Markets Limited (Joint Broker)
+44 (0) 20 7986 4000
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Chloe Francklin: +44 (0)78 3497 4624
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. 650 employees across
nine manufacturing locations in the UK, US, Taiwan and Singapore,
and is listed on the AIM Stock Exchange in London.
(END) Dow Jones Newswires
July 14, 2021 02:00 ET (06:00 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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