Tech Firm IQE Reports Big Lift In Revenues While On Trading Outlook

Technology Firms, IQE, Says That Revenues For 2020 Are Expected To Come In £38m Up On The Previous Year, While Upbeat On Trading Outlook.

 

By Sion Barry

One of Wales’ leading Technology Firms, IQE, Says That Revenues For 2020 Are Expected To Come In £38m Up On The Previous Year, While Being Upbeat On The Trading Outlook. In a pre-close statement and trading update to the City the Cardiff headquartered manufacturer of advanced semiconductor wafer products and materials solutions for the global semiconductor industry, said that revenues for 2020 were expected to be £178m –  subject to external audit review.

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This compares with  £140m for 2019 and is consistent with previously issued guidance of at least £170m. IQE also had an improved  net cash position of circa £2m as of 31 December 2020 (31 Dec 2019: net debt of £16m). This is said was the result of a strong trading performance, continued reduction in capital investment and focus on cash management.

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The Alternative Investment Market listed firm said trading remained favourable in the final quarter of 2020  and has entered 2021 with positive momentum in both its wireless and photonics business units. Chief executive Dr Drew Nelson, who last year announced he will stand down once a successor is found, said: ” IQE has achieved real strategic progress over the past year with excellent results.

“I am extremely proud of our strong financial and operational performance in 2020, which represents a record revenue performance for IQE. “We also demonstrated strong free cash flow of close to £18m facilitating the transition to a net cash positive position at year end. The whole IQE team contributed to this result and they have demonstrated outstanding resilience throughout what was a hugely challenging year globally.”

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This news was originally published at Business Live.

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