Business
IQE plc: H1 2023 Interim Results
IQE plc: H1 2023 Interim Results.
About this update from Iqe Plc
[{"type":"text","content":"\n\nIQE plc\n \nCardiff, UK\n12 September 2023\n \n \nUnaudited Results for the six months ended 30 June 2023\n \nInvesting for growth and managing costs to navigate temporary industry downturn\n \nIQE plc (AIM: IQE, \"IQE\" or the \"Group\"), the leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, announces its interim results for the six months ended 30 June 2023.\nRevenue for the period was £52.0m with a reported operating loss of £19.6m, an adjusted non-GAAP LBITDA of (£5.7m) and adjusted net funds position of £5.3m.\nAmerico Lemos, Chief Executive Officer of IQE, commented:\n\"IQE has delivered H1 revenue in line with our revised market guidance. In a challenging macro environment, we have taken decisive action to manage costs and deliver immediate efficiencies and longer-term margin benefits. We are accelerating our diversification strategy with new customer designs in GaN Power electronics and broadening our market penetration into the China wireless market. By expanding our customer base across the breadth of our product portfolio and ramping in strategic growth areas, we are focused on improving future business performance.\"\nH1 2023 Financial Results\n\n\n\n\n \n \n\n\nH1 2023\n£'m*\n\n\nH1 2022\n£'m*\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n\n\n52.0\n\n\n86.2\n\n\n\n\nAdjusted EBITDA**\n\n\n(5.7)\n\n\n12.3\n\n\n\n\nOperating loss\n\n\n(19.6)\n\n\n(7.4)\n\n\n\n\nAdjusted operating loss**\n\n\n(17.5)\n\n\n(1.4)\n\n\n\n\nReported loss after tax\n\n\n(21.3)\n\n\n(8.3)\n\n\n\n\nDiluted EPS\n\n\n(2.57p)\n\n\n(1.03p)\n\n\n\n\nAdjusted diluted EPS**\n\n\n(2.30p)\n\n\n(0.36p)\n\n\n\n\nCash generated from operations\n\n\n2.4\n\n\n6.2\n\n\n\n\nAdjusted cash from operations**\n\n\n4.3\n\n\n8.3\n\n\n\n\nCapital Investment (PP&E)\n\n\n5.2\n\n\n3.8\n\n\n\n\nNet funds / (debt)***\n\n\n5.3\n\n\n(6.7)\n\n\n\n\n \n* All figures £'m excluding diluted and adjusted diluted EPS.\n** Adjusted Measures: Alternative performance measures are disclosed separately after a number of non-cash charges, non-operational items and significant infrequent items that would distort period on period comparability. Adjusted items are material items of income or expense that have been shown separately due to the significanc...