IQE PLC Iqe Plc: Fy 2020 Trading Update
20 January 2021 - 6:00PM
UK Regulatory
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
+44 (0) 29 2083 9400
Drew Nelson
Tim Pullen
Amy Barlow
Peel Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Edward Knight
Paul Gillam
Nick Prowting
Citigroup Global Markets Limited (Joint Broker)
+44 (0) 20 7986 4000
Christopher Wren
Peter Catterall
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Chloe Francklin: +44 (0)78 3497 4624
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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