IQE PLC (AIM:IQE) a leading producer of compound semiconductor wafers and advanced materials for the semiconductor industry, said revenue for the last calendar year would be in line with its lowered guidance from November.
The Wales-based manufacturer of semiconductor products said revenue for 2021 will be in line with its profit warning in November.
IQE said revenue for the year to 31 December is seen at around £164mln at constant currency, with capital expenditure expected to be in line with previously issued guidance of £14-17mln and net debt ending the year at around £6mln.
Back in November, the maker of compound semiconductor wafers for chips used in smartphones shocked the market with gloomy forecasts as smartphone makers and other electronics companies cut back on orders due to a shipping and freight crunch.
Global chip shortages, weak demand for mobile phones, currency movements, and slow rollouts of 5G infrastructure were all said to be hurting its business, leading to profits being expected to plummet by 40%.
In today’s update, IQE's new chief executive officer said he is looking forward to the potential growth associated with "macro technology trends" and the company’s position as a leading provider of advanced semiconductor wafers.
Americo Lemos took up his role as CEO on January 10.
The AIM-listed company will report its full year financial results on March 29, 2022.