14th Jul 2021 14:13
IQE PLC - Cardiff-based designer and manufacturer of semiconductor products for 5G technologies - Expects revenue for the first half of the year to be around GBP79 million on a reported basis, consistent with guidance. Constant currency revenue is expected to be around GBP87 million, down slightly from GBP89.9 million a year before. Adjusted earnings before interest, tax, depreciation and amortisation also is expected to be consistent with previously issued guidance at a constant currency equivalent of about GBP16 million, down marginally from GBP16.4 million a year before.
IQE says first half trading is in line with management expectations, with continued strong growth in wireless products for 5G handsets and WiFi 6 routers offsetting a year-on-year reduction in Wireless products for 5G infrastructure.
"I am pleased to provide an update to the market in line with our expectations," comments Chief Executive Drew Nelson.
"5G will be a multi-year cycle and I'm excited that the medium and long-term prospects for this macro trend are as strong as ever. IQE is exceptionally well-positioned to benefit from that future growth."
Current stock price: 47.49 pence, down 1.0% on Wednesday
Year-to-date change: down 35%
By Will Paige; [email protected]
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