News: Suppliers
16 January 2024
IQE expecting full-year 2023 of £115m after 20% growth from first half to second half
In a a pre-close trading update for full-year 2023, epiwafer and substrate maker IQE plc of Cardiff, Wales, UK says that it expects revenue to be at least £115m. This is down 31% on 2022’s £167.5m. However, it reflects a more than 20% increase from first-half to second-half 2023, in line with previously issued guidance. IQE expects this to result in an adjusted EBITDA (earnings before interest, tax, depreciation and amortization) of at least £3m and a net debt position of about £3m.
“Our business performance was aligned to guidance despite a challenging macro-environment,” notes CEO Americo Lemos. “We returned to growth from H1 to H2 2023 and expect this positive trajectory to continue in 2024,” he adds. “Additionally, we made significant progress implementing our diversification strategy, expanding our customer engagement pipeline and securing multiple design wins in gallium nitride (GaN) power and micro-LED markets. Our strategic investment in GaN capacity in 2023 is anticipated to unlock further opportunities throughout 2024.”
IQE’s first-half revenue down about 40% year-on-year
