9th Mar 2023 11:49
IQE PLC - Cardiff, Wales-based compound semiconductor wafer product supplier - Says expectations for 2022 remain in-line with the update provided on January 16. However, notes that it has seen an acceleration of the trends anticipated in that update, with weaker demanding leading to inventory build-up throughout the supply chain. Consequently, the reduction in customer orders and forecasts is expected to result in a year-on-year decline of GBP30 million in revenue for the first half of 2023. Revenue in the first half of 2022 was GBP86.2 million.
"Similar trends are evident across the industry, with the US Semiconductor Industry Association reporting that global industry sales decreased in January 2023, down 18.5% year-on-year," IQE notes.
Adds that the market softness is expected to be temporary, with a return to growth expected in the second half of 2023.
Current stock price: 31.68 pence, down 32% in London on Thursday
12-month change: down 16%
By Elizabeth Winter, Alliance News senior markets reporter
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