IQE announces trading update and new CFO
20 percent revenue increase in line with expectations and diversification strategy
Compound semiconductor wafer firm IQE has released a a pre-close trading update for the financial year ended 31 December 2023.
Revenue for the period is expected to be at least £115 million, reflecting a more than 20 percent increase from H1 to H2 2023, in line with previously issued guidance. The group expects this to result in an adjusted EBITDA of at least £3 million and a net debt position of c.£3 million.
IQE has also announced a new CFO. Jutta Meier is an experienced finance executive who joins IQE from Intel where she served as a senior finance director at Intel Foundry Services, supporting Intel's Foundry business transformation. Prior to joining Intel, Jutta served as VP of finance at GlobalFoundries Inc and she also held various positions at AMD.
