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(Sharecast News) - Compound semiconductor wafer and advanced materials supplier IQE said in an update on Monday that reported revenue for 2022 was expected to be around 8% higher than the prior year's £154m, subject to its external audit.
The AIM-traded firm said that figure was arrived at after accounting for the impact of "a small number" of doubtful debts, and the re-phasing of revenues from one contract from the fourth quarter of 2022 to the first quarter of 2023.
Constant currency revenue was expected to be broadly in line with the prior year.
The group said its trading in 2022 was "largely resilient" to the "challenging" macroeconomic environment, with photonics revenue in the second half partially offsetting expected softness in wireless markets.
"In the first half of 2023, the group expects to see some destocking in the wider industry which may impact upon demand from existing customers, but remains confident in its diversification strategy and longer-term growth targets set out at the capital markets day last November," the board said in its statement.
"Strong commercial progress has been made in 2022 to lay the foundations of this strategy and management are excited by the pipeline of opportunities being developed for 2023 and beyond.
"The group will announce the date for reporting its audited full year results in due course."
At 1457 GMT, shares in IQE were down 19.2% at 48.4p.
Reporting by Josh White for Sharecast.com.
