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IQE revenue to exceed expectations

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Company says full year 2024 revenue and EBITDA to benefit from impact of cost actions

Compound semiconductor wafer company IQE plc has provided a pre-close trading update for the financial year ended 31 December 2024.

Revenue for the period is expected to be £118m and adjusted EBITDA to be at least £7.5m, exceeding expectations compared to IQE's statement on 18th November 2024, of £115m revenue and adjusted EBITDA at least £5m.

Mark Cubitt, executive chair of IQE, commented: “I am pleased that the business performance in 2024 will show revenue and adjusted EBITDA ahead of expectations. Amid ongoing macro headwinds, Jutta and the leadership team have taken effective action to refocus the group on its core strengths and improve operational performance, resulting in an encouraging financial picture.

He added: "I am really pleased by the reaction from our staff, customers and shareholders to the announcement of the strategic review, and the resulting positive engagement. In addition, the proposed financing will provide IQE with greater resilience as we continue to strengthen key customer relationships and expand further into emerging high growth areas”

In November 2024, IQE announced it would carry out a strategic review to unlock unrealised value. At this stage, the review is focused on IQE's Taiwan operations looking at all options including IPO or a full sale. The review remains at an early stage but the board says it is "encouraged by the positive levels of interest from its partners and the broader recognition that the group is a technical leader across a variety of strategically important vertical markets, with a well-invested asset base."

In addition, the group has announced that it is in the final stages of concluding its proposed convertible loan note and that it has received strong support from shareholders. This process is expected to conclude shortly and an announcement will be made accordingly.

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