IQE revenue in line with guidance; poaches Intel's Jutta Meier as CFO

(Alliance News) - IQE PLC on Tuesday said 2023 revenue is in line with guidance and announced the appointment of Intel Corp's Jutta Meier as its new chief financial officer.

The Cardiff, Wales-based supplier of compound semiconductor wafer products said for 2023, it expects revenue to be at least GBP115 million, in line with its previously issued guidance. This would be a reduction from the GBP167.5 million generated in revenue in 2022.

IQE added it expects an adjusted earning before interest, tax, depreciation and amortisation of at least GBP3 million, down from GBP23.4 million a year ago, and an adjusted net debt position of around GBP3 million compared to GBP15.2 million in 2022.

Chief Executive Officer Americo Lemos said: "I am pleased our business performance was aligned to guidance despite a challenging macro environment. We returned to growth from H1 to H2 2023 and expect this positive trajectory to continue in 2024".

IQE separately announce on Tuesday the appointment of Jutta Meier as its new CFO, effective from next Monday. She has been senior finance director at the Santa Clara, California-based chip manufacturer Intel since 2021.

Her appointment comes after CFO Tim Pullen stepped down in June following four years in the role. Reasons for his departure were not disclosed, but he is now serving as CFO for Genuit Group PLC.

Commenting on her appointment, Meier said: "I am thrilled to be joining IQE as [CFO]. IQE is at the forefront of the global compound semiconductor industry, and I am very excited by the market opportunities and the growth potential of the business. I look forward to working with Americo and the team to deliver our ambitious goals."

Lemos added: "I am delighted to welcome Jutta as IQE's CFO. Her skills and experience gained within global semiconductor manufacturing will be an important asset to IQE, enabling her to drive value creation and improve margins and profitability. Jutta's contributions will be vital to driving IQE's growth and the continued implementation of our strategic plan."

Shares in IQE were up 8.4% at 20.60 pence each in London on Tuesday morning.

By Sabrina Penty, Alliance News reporter

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