IQE PLC (AIM:IQE), a supplier of semiconductor wafer products among other solutions, dropped 17% to 49.4p in Monday morning trade following a pre-close trading update which hinted that demand may be hit by destocking.
The company said it expects “some destocking in the wider industry which may impact upon demand from existing customers.”
Despite this, the group said it remains confident in its diversification strategy and longer-term growth targets.
IQE noted that revenue for the year ending December 31 2022 is expected to be 8% higher than the previous year, which was £154mln.