20 January 2021
IQE’s revenue grows 25% in 2020, exceeding guidance of 20%
In a pre-close trading update for 2020 (subject to external audit review), epiwafer foundry and substrate maker IQE plc of Cardiff, Wales, UK is expecting record full-year revenue of about £178m, up 25% on 2019’s £140m, and consistent with guidance of at least £170m (up 20%).
IQE also highlights a net cash position of about £2m at the end of 2020 (compared with net debt of £16m at the end of 2019), which it attributes to the strong trading performance, continued reduction in capital investment, and a focus on cash management.
Trading remained favourable in fourth-quarter 2020, and IQE enters 2021 with positive momentum in both the Wireless and Photonics business units, the firm notes.
“IQE has achieved real strategic progress over the past year with excellent results,” comments CEO Dr Drew Nelson. “We also demonstrated strong free cash flow of close to £18m, facilitating the transition to a net cash positive position at year end,” he adds. “The whole IQE team contributed to this result and they have demonstrated outstanding resilience throughout what was a hugely challenging year globally.”