Here is a summary of the key points from the trading statement released by IQE PLC
Financial PerformanceFor the financial year ended December 31, 2024, IQE PLC expects to report revenue of £118 million, exceeding previous expectations. The company also anticipates adjusted EBITDA to be at least £7.5 million, reflecting focused cost control and improved operational performance.
Strategic ReviewThe company is undergoing a strategic review of its Taiwan operations, exploring various options including an IPO or a full sale. The review aims to unlock the significant unrealised value within the Group, and the Board is encouraged by the positive interest from partners and the recognition of IQEs technical leadership.
Proposed FinancingIQE is in the final stages of concluding a proposed convertible loan note, receiving strong support from shareholders. The financing will provide the company with greater resilience and enable it to strengthen key customer relationships and expand into emerging high-growth areas.
Executive Chair CommentsMark Cubitt, Executive Chair of IQE, expressed pleasure in the business performance for 2024, highlighting effective actions taken by the leadership team to refocus the Group and improve financial results. He also noted the positive engagement from staff, customers, and shareholders following the announcement of the strategic review.
Contacts and DisclaimerThe trading statement includes contact information for IQE plc, its Nomad and Joint Brokers, Joint Broker, and Financial PR. The statement also provides a brief overview of IQE, its market position, and its global presence. The announcement is issued on behalf of the Company by Jutta Meier, Interim CEO & Chief Financial Officer, and is distributed by RNS, the news service of the London Stock Exchange.