14 July 2022
IQE expects revenue growth of 7% for first-half 2022
In an unaudited pre-close update for first-half 2022, epiwafer and substrate maker IQE plc of Cardiff, Wales, UK says that trading was in line with management expectations. Revenue is expected to be at least £85m (>7% growth) on a reported basis. With a foreign exchange tailwind, this is in line with £79.5m a year ago on a constant-currency basis.
“I am pleased we have met our expectations and commitments for first-half 2022,” says CEO Americo Lemos. IQE will report full (unaudited) interim results on 6 September.
The firm’s view of the full year remains unchanged with previously issued guidance of low-single-digit % revenue growth in 2022 (at constant currency), with growth weighted towards second-half 2022.
IQE says it is focussing on executing the strategy of pursuing long-term sustained growth through diversification and value creation. Milestones achieved in first-half 2022 include the signing of a multi-year supply agreement with Lumentum, a strategic partnership agreement with Porotech, the announcement of the world’s first commercially available 200mm VCSEL, and a commitment to Net Zero and Carbon Neutrality. Further milestones are anticipated for second-half 2022 as the business is positioned for growth.
“This year is about laying foundations for the healthy growth of the business, with a focus on a market approach while developing relationships with strategic customers to deliver long-term growth and value to shareholders,” says Lemos. “We look forward to continuing with this momentum throughout the rest of the year.”