UK-based semiconductor wafer firm IQE PLC (AIM:IQE) saw its share rise in Tuesday’s early deals after it told investors that it expects to report a significant improvement in sales.
IQE, in a statement, said revenue for the 12 months ended 31 December 2023 is expected to be at least £115 million.
This would mark a more than 20% boost in revenue in the second half of the year compared to its first-half performance, and it will be in line with the company’s previous guidance.
The Cardiff-headquartered firm anticipates earnings (adjusted EBITDA) of at least £3 million, and said its net debt position would be around £3 million.
"I am pleased our business performance was aligned to guidance despite a challenging macro environment,” said chief executive Americo Lemos.
“We returned to growth from the first half to the second half 2023 and expect this positive trajectory to continue in 2024."
Lemos added: “Additionally, we made significant progress implementing our diversification strategy, expanding our customer engagement pipeline and securing multiple design wins in GaN Power and MicroLED markets.
“Our strategic investment in GaN capacity in 2023 is anticipated to unlock further opportunities throughout 2024."
In London, IQE shares gained just over 9% to change hands at 20.75p each.
In a separate statement, IQE announced the appointment of Jutta Meier as its new chief financial officer with effect from 22 January.
Meier joins IQE from Intel Corporation (NASDAQ:INTC), where she served as a senior finance director at Intel Foundry Services. Prior to this, she held the role of vice president of finance at semiconductor group GlobalFoundries Inc and various positions at Advanced Micro Devices Inc (NASDAQ:AMD, ETR:AMD).