IQE PLC Iqe Plc: Fy 2020 Trading Update

 
TIDMIQE 
 
 
   IQE plc 
 
   Cardiff, UK 
 
   20 January 2021 
 
   Trading Update 
 
   IQE plc (AIM:  IQE, "IQE" or the "Group"), the leading manufacturer of 
advanced semiconductor wafer products and materials solutions for the 
global semiconductor industry, provides a pre-close Trading Update for 
the financial year ended 31 December 2020. 
 
   Revenue for the year ended 31 December 2020 is expected to be c.GBP178m, 
subject to external audit review (2019: GBP140m). This is consistent 
with previously issued guidance of at least GBP170m and represents over 
25% year-on-year growth. 
 
   The Group also highlights a net cash position of c.GBP2m as at 31 
December 2020 (31 Dec 2019: net debt of GBP16m). This is a result of the 
strong trading performance, continued reduction in capital investment 
and focus on cash management. 
 
   Trading remained favourable in the final quarter of 2020 and the Company 
enters 2021 with positive momentum in both the Wireless and Photonics 
business units. 
 
   Dr Drew Nelson, Chief Executive Officer of IQE, said: 
 
   "IQE has achieved real strategic progress over the past year with 
excellent results. I am extremely proud of our strong financial and 
operational performance in 2020, which represents a record revenue 
performance for IQE. We also demonstrated strong free cash flow of close 
to GBP18 million, facilitating the transition to a net cash positive 
position at year end. The whole IQE team contributed to this result and 
they have demonstrated outstanding resilience throughout what was a 
hugely challenging year globally." 
 
   Contacts: 
 
   IQE plc 
 
   [phone] 
 
   Drew Nelson 
 
   Tim Pullen 
 
   Amy Barlow 
 
 
 
   Peel Hunt LLP (Nomad and Joint Broker) 
 
   [phone] 
 
   Edward Knight 
 
   Paul Gillam 
 
   Nick Prowting 
 
 
 
   Citigroup Global Markets Limited (Joint Broker) 
 
   [phone] 
 
   Christopher Wren 
 
   Peter Catterall 
 
   Headland Consultancy (Financial PR) 
 
   + 44 (0) 20 38054822 
 
   Andy Rivett-Carnac: [phone] 
 
   Chloe Francklin: [phone] 
 
   ABOUT IQE 
 
   http://iqep.com 
 
   IQE is the leading global supplier of advanced compound semiconductor 
wafers and materials solutions that enable a diverse range of 
applications across: 
 
 
   -- handset devices 
 
 
   -- global telecoms infrastructure 
 
   -- connected devices 
 
   -- 3D sensing 
 
 
   As a scaled global epitaxy wafer manufacturer, IQE is uniquely 
positioned in this market which has high barriers to entry. IQE supplies 
the whole market and is agnostic to the winners and losers at chip and 
OEM level. By leveraging the Group's intellectual property portfolio 
including know-how and patents, it produces epitaxy wafers of superior 
quality, yield and unit economics. 
 
   IQE is headquartered in Cardiff UK, with c. 650 employees across nine 
manufacturing locations in the UK, US, Taiwan and Singapore, and is 
listed on the AIM Stock Exchange in London. 
 
 
 
 

(END) Dow Jones Newswires

January 20, 2021 02:00 ET (07:00 GMT)

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