IQE plc (IQE) Q2 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. I'm delighted to be here with our CFO, Yuta Nair, to talk you through ITV first half results. I would like to start off with a top-line summary of the business and market dynamics that influenced the period before handing over to Yuta to talk through the financials, and then I will walk you through some of our strategic priorities looking forward. Let's start with the market update. The fiscal year 2023 results. We spoke about the recovery we saw in the second half. This trend had continued in the first half of 2024, and the industry has seen more variability than expected across regions and market segments, which has led to the pace of growth being more moderate than some forecast. This is what our peers across the industries have seen as certain sectors recover at different pace and economic headwinds impacting consumer demand in some key end market. This is demonstrated by our set of results with a strong performance in wireless while the photonic market has been flat. Overall, we are confident that the industry recovery will continue but expect its pace to be impacted by the variability throughout the second half of this year. I'm pleased to report that IQE delivered a consistent performance in the first half of 2024. We saw headline revenue growth of 27% year-on-year to £66 million sterling, with adjusted EBITDA of £6.6 million sterling, which saw the business deliver a swing of 12.3 pounds sterling from a loss to a positive on a year-on-year basis. This is reflected by our growing presence in the Android ecosystem for wireless, which we will come to talk about as part of our segment breakdown later. Let me now hand over to Yuta to run you through the detailed financials for the first half. Thank you, Americo. Good morning, everyone. And ...