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IQE meets £52m revenue targets amid challenging semiconductor market

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TMT Reporter

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IQE said net debt plunged to negative £17m in the first half of the year, down from funds of £5.3m in the same period last year.
IQE said net debt plunged to negative £17m in the first half of the year, down from funds of £5.3m in the same period last year.

Global semiconductor supplier IQE has performed in line with expectations during the first half of the year.

The British manufacturer will hit a revenue of “at least” £52m in line with market guidance and management expectations, IQE said today in an unaudited pre-close trading update for the six months ended 30 June 2023.

The AIM-listed company’s shares notched up 3.5 per cent this morning though settled to close up flat.

During the first half of 2022, IQE reported revenue of £86.2m.

IQE said they continue to “effectively navigate the challenging macroeconomic environment,” by managing costs and implementing their diversification strategy.

It comes amid a rocky patch for the global semiconductor industry which was hit by supply chain issues in the pandemic and has faced a slowdown as demand for smartphones cools.

The firm said it will post their full unaudited interim results on 8 September 2023.

Cardiff-headquartered IQE supplies semiconductors for smart devices, communications, and the automatic and aerospace industries, among others. It has manufacturing sites across the UK, US and Taiwan.