IQE, an AIM-listed supplier of materials to the global semiconductor industry, traded “in line with management expectations” for the first half of 2022, according to interim figures released on Tuesday September 6.
The company reported underlying earnings (EBITDA) of £12.3mln but an operating loss of £7.4mln.
Losses were attributed to impairment charges and closure expenses due to the exit of the company’s Singapore facility.
IQE is in the process of consolidating its US operations via the closure of a Pennsylvania site and combination of operations in North Carolina.
Chief executive officer Americo Lemos said: "Earlier in the year we set out our strategic priorities to transform IQE, and in the first half of 2022 we made strong progress against these goals.
“Simultaneously, the business has demonstrated resilience despite the ongoing challenging global environment… I remain excited by the strength of IQE's proposition coupled with the opportunities ahead to diversify and grow our business to deliver value for all our stakeholders."
Full-year guidance of single-digital revenue growth has been reiterated.
IQE shares jumped 2.5% on Tuesday to 34.6p as of 09:15.