REG - IQE PLC - IQE plc: H1 2023 Interim Results
12/09/2023 07:00
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RNS Number : 0784M IQE PLC 12 September 2023
IQE plc
Cardiff, UK
12 September 2023
Unaudited Results for the six months ended 30 June 2023
Investing for growth and managing costs to navigate temporary industry
downturn
IQE 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.
Revenue 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.
Americo Lemos, Chief Executive Officer of IQE, commented:
"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."
H1 2023 Financial Results
H1 2023 H1 2022
£'m* £'m*
Revenue 52.0 86.2
Adjusted EBITDA** (5.7) 12.3
Operating loss (19.6) (7.4)
Adjusted operating loss** (17.5) (1.4)
Reported loss after tax (21.3) (8.3)
Diluted EPS (2.57p) (1.03p)
Adjusted diluted EPS** (2.30p) (0.36p)
Cash generated from operations 2.4 6.2
Adjusted cash from operations** 4.3 8.3
Capital Investment (PP&E) 5.2 3.8
Net funds / (debt)*** 5.3 (6.7)
* All figures £'m excluding diluted and adjusted diluted EPS.
** 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 significance of their nature or amount
as detailed in note 8.
*** Net funds/debt excludes IFRS16 lease liabilities and fair value
gains/losses on derivative instruments.
The following highlights of the first half results are based on these adjusted
performance measures, unless otherwise stated.
Strategic Highlights
· Commenced sampling for GaN Power with two new customers for 650 V
devices
· Design wins with multiple customers to deliver wireless products to
leading China cellular and Wi-Fi suppliers for growing China and India
smartphone market
· Customer qualifications for high-speed data centre applications, with
next-generation VCSELs to enable and support growth in the artificial
intelligence (AI) markets
· Customer sampling and qualification in progress to supply
automotive-grade LiDAR VCSELs for a major China-based customer
· Production of second generation, high performance VCSELs used in
consumer mobile 3D Sensing applications for customers
· Developing industry's first 150mm (6") Indium Phosphide (InP) Photonics
device platform, targeting customers in the Cloud/AI data centre markets
· Development of new laser materials technologies for a leading handset
manufacturer for next-generation longer-wavelength consumer sensing
applications
· Development of 200mm (8") Red, Green and Blue (RGB) epitaxial wafer
products for microLED display qualification
· Developing frameworks and processes to adopt and align with the Task
Force on Climate-Related Financial Disclosures (TCFD) with first TCFD
Statement published in the 2023 Annual Report and Financial Statements
· Developing emissions targets in accordance with the Science Base
Targets initiative (SBTi) with IQE on track to submit targets within the 24
month commitment window
H1 2023 Financial Highlights
· Revenue of £52.0m (H1 2022: £86.2m) down 39.7% on a reported basis
and 42.6% at constant currency
‒ Wireless revenue of £22.4m (H1 2022: £46.6m) down 51.9% on a
reported basis, largely as a result of weakness in global handset demand and
supply chain inventory build
‒ Photonics revenue of £28.0m (H1 2022: £38.5m) down 27.2% on a
reported basis, primarily as a result of softness in the handset market and a
slowdown in Asian telecoms infrastructure programmes
‒ CMOS++ revenue of £1.6m (H1 2022: £1.1m) up 43.1% on a reported
basis, due to growth in Silicon-based switches for power control
· Adjusted LBITDA of (£5.7m) (H1 2022: £12.3m EBITDA) down 146.5% on
a reported basis, adversely impacted by a reduction in sales and
under-utilisation of capacity, particularly in the Wireless business
· Reported operating loss of £19.6m (H1 2022: £7.4m loss)
· Adjusted cash inflow from operations of £4.3m (H1 2022: £8.3m)
benefitting from management of working capital
· Total net cash capex and cash investment in intangibles of £8.5m (H1
2022: £7.6m)
‒ £5.2m investment in PP&E capex (H1 2022: £3.8m)
prioritising high growth GaN power and display capacity as set out at the time
of the equity raise
‒ Purchase of intangibles of £1.7m (H1 2022: £2.3m) primarily
relates to ongoing systems transformation programme
‒ Ongoing investment in R&D with £1.6m (H1 2022: £1.6m) of
development costs in the period focused on power electronics and microLEDs
· Adjusted net funds of £5.3m as at 30 June 2023 (net debt of £15.2m
as at 31 Dec 2022, net debt of £6.7m as at 30 June 2022) with an undrawn
Revolving Credit Facility of $35m (£27.3m) available to the Group
· Equity raise of £29.7m (net proceeds) completed in May in order to
strengthen the balance sheet and underpin strategic investment
· Cost optimisation
‒ Optimised manufacturing plan for improved asset utilisation
‒ Headcount reductions delivering c.10% in year savings, while
retaining key skills for growth with associated H1 2023 restructuring costs of
£1.2m
‒ Reduction in non-labour costs to deliver greater than 20% in year
savings
· Global site optimisation programme
‒ US MBE operations consolidation within North Carolina site on
track to be completed by H1 2024
‒ Ongoing review into global footprint optimisation to improve
operational efficiency and profitability
Current trading and outlook
The current temporary semiconductor industry downturn is stabilising, with
continued pockets of recovery expected in H2 2023, albeit more slowly than
anticipated at the time of the FY 2022 results.
Improvement is expected in 2024 as the supply chain normalises and customer
demand recovers.
The Group anticipates double digit revenue growth in H2 2023 versus H1 2023,
and expects to be profitable at an adjusted EBITDA level for FY 2023.
Results Presentation
IQE will present its H1 2023 Results via webcast at 9:00am BST today, Tuesday
12 September 2023. If you would like to view this webcast, please register by
using the below link and following the instructions:
https://stream.brrmedia.co.uk/broadcast/64df6b6ae4c3ecf0bd56f5e4
(https://stream.brrmedia.co.uk/broadcast/64df6b6ae4c3ecf0bd56f5e4)
Glossary
Term Definition
Artificial intelligence (AI) A simulation of human intelligence in machines, including machines which are
programmed to mimic human action or exhibit humanistic traits such as learning
or problem-solving
GaN Gallium Nitride
InP Indium Phosphide
LiDAR Light detection and ranging - a method for measuring distances by illuminating
the target with a laser light
MicroLED Emerging display technology consisting of arrays of microscopic light emitting
diodes (LEDs)
VCSEL Vertical Cavity Surface Emitting Laser, an opto-electronic component used in a
variety
of applications
Contacts:
IQE plc
+44 (0) 29 2083 9400
Americo Lemos
Neil Rummings
Amy Barlow
Peel Hunt (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Paul Gillam
Richard Chambers
James Smith
Numis (Joint Broker)
+44 (0) 20 7260 1000
Simon Willis
Hugo Rubinstein
Iqra Amin
Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Chloe Francklin: +44 (0)78 3497 4624
ABOUT IQE
http://iqep.com
(https://www.globenewswire.com/Tracker?data=yZf7NKp1JKLALUCxlBuC8wkLnLAqoe5-kjjIlkMIDci9q9W0x_02bwZV-eorSbpLXZxy4zi3xHh-O4FM8nWjeg==)
IQE is the leading global supplier of advanced compound semiconductor wafers
and materials solutions that enable a diverse range of applications across:
· Smart Connected Devices
· Communications Infrastructure
· Automotive and Industrial
· Aerospace and Security
As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in
this market which has high barriers to entry. IQE supplies the global market
and is enabling customers to innovate at chip and OEM level. By leveraging the
Group's intellectual property portfolio including know-how and patents, it
produces epitaxy wafers of superior quality, yield and unit economics.
IQE is headquartered in Cardiff UK, with employees across eight manufacturing
locations in the UK, US and Taiwan, and is listed on the AIM Stock Exchange in
London.
Financial Review
Consolidated Income Statement
Restated
6 months to 6 months to 12 months to
30 Jun 2023 30 Jun 2022 31 Dec 2022
(All figures £'000s) Note Unaudited Unaudited Audited
Revenue 7 52,016 86,198 167,494
Cost of sales (56,241) (71,845) (141,111)
Gross (loss)/profit (4,225) 14,353 26,383
Selling, general and administrative expenses (16,404) (16,514) (31,211)
Impairment loss on intangible assets - (3,363) (66,155)
Impairment reversal/(loss) on trade receivables and contract assets 355 - (2,300)
(Loss)/profit on disposal of intangible assets and property, plant and - (590) 688
equipment
Other gains/(losses) 4 640 (1,317) (381)
Operating loss 7 (19,634) (7,431) (72,976)
Finance costs (1,832) (1,100) (2,427)
Adjusted loss before income tax (19,291) (2,540) (5,984)
Adjustments 8 (2,175) (5,991) (69,419)
Loss before income tax 7 (21,466) (8,531) (75,403)
Taxation 141 279 862
Loss for the period (21,325) (8,252) (74,541)
Loss attributable to:
Equity shareholders (21,325) (8,252) (74,541)
(21,325) (8,252) (74,541)
Loss per share attributable to owners of the parent during the period
Basic loss per (2.57p) (1.03p) (9.27p)
share
10
Diluted loss per (2.57p) (1.03p) (9.27p)
share
10
Adjusted basic and diluted earnings per share are presented in Note 10.
All items included in the loss for the period relate to continuing operations.
The comparative financial information for 6 months to 30 June 2022 has been
restated to reclassify £3,363,000 from 'Selling, general and administrative
expenses' to 'Impairment loss on intangible assets' in order to adopt a
consistent presentation with the audited financial statements for the year
ended 31 December 2022. The reclassification has had no impact on net assets,
cash flows or loss after tax for the 6 months to 30 June 2022.
Consolidated statement of comprehensive income
6 months to 6 months to 12 months to
30 Jun 2023 30 Jun 2022 31 Dec 2022
(All figures £'000s) Unaudited Unaudited Audited
Loss for the period (21,325) (8,252) (74,541)
Exchange differences on translation of foreign operations* (7,682) 16,776 14,500
Total comprehensive (expense) / income for the period (29,007) 8,524 (60,041)
Total comprehensive (expense) / income attributable to:
Equity shareholders (29,007) 8,524 (60,041)
(29,007) 8,524 (60,041)
* Balance might subsequently be reclassified to the income statement when
it becomes realised.
Consolidated Balance Sheet
As At As At As At
30 Jun 2023 30 Jun 2022 31 Dec 2022
(All figures £'000s) Note Unaudited Unaudited Audited
Non-current assets
Intangible assets 35,061 99,616 37,014
Property, plant and equipment 121,640 126,971 127,055
Right of use assets 38,918 43,350 41,432
Total non-current assets 195,619 269,937 205,501
Current assets
Inventories 25,874 34,706 34,161
Trade and other receivables 36,996 53,246 44,828
Derivative financial instruments 12 259 - -
Cash and cash equivalents 12 12,314 15,390 11,620
Total current assets 75,443 103,342 90,609
Total assets 271,062 373,279 296,110
Current liabilities
Trade and other payables (33,458) (44,016) (37,545)
Current tax liabilities (65) (1,230) (690)
Bank borrowings 12 (6,123) (14,912) (6,225)
Derivative financial instruments 12 - (1,327) (381)
Lease liabilities 12 (7,140) (5,287) (4,843)
Provisions for other liabilities and charges (2,194) (3,803) (1,625)
Total current liabilities (48,980) (70,575) (51,309)
Non-current liabilities
Bank borrowings 12 (845) (7,205) (20,643)
Lease liabilities 12 (42,826) (48,372) (46,026)
Provisions for other liabilities and charges (710) (1,464) (1,065)
Deferred tax liabilities (1,291) (1,317) (2,007)
Total non-current liabilities (45,672) (58,358) (69,741)
Total liabilities (94,652) (128,933) (121,050)
Net assets 176,410 244,346 175,060
Equity attributable to shareholders of the parent
Share capital 13 9,614 8,046 8,048
Share premium 155,825 154,675 154,720
Retained earnings (39,413) 21,043 (45,246)
Exchange rate reserve 32,853 42,811 40,535
Other reserves 17,531 17,771 17,003
Total equity 176,410 244,346 175,060
Consolidated Statement of Changes in Equity
Unaudited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2023 8,048 154,720 (45,246) 40,535 17,003 175,060
Loss for the period - - (21,325) - - (21,325)
Other comprehensive expense for the period - - - (7,682) - (7,682)
Total comprehensive expense - - (21,325) (7,682) - (29,007)
Share based payments - - - - 528 528
Proceeds from shares issued (net of expenses) 1,566 1,105 - - 27,158 29,829
Transfer of merger reserve to retained earnings (see note 13) - - 27,158 - (27,158) -
Total transactions with owners 1,566 1,105 27,158 - 528 30,357
At 30 June 2023 9,614 155,825 (39,413) 32,853 17,531 176,410
Unaudited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2022 8,036 154,632 29,295 26,035 16,623 234,621
Loss for the period - - (8,252) - - (8,252)
Other comprehensive income for the period - - - 16,776 - 16,776
Total comprehensive (expense)/income - - (8,252) 16,776 - 8,524
Share based payments - - - - 1,148 1,148
Proceeds from shares issued 10 43 - - - 53
Total transactions with owners 10 43 - - 1,148 1,201
At 30 June 2022 8,046 154,675 21,043 42,811 17,771 244,346
Audited Share capital Share premium Retained earnings Exchange rate reserve Other reserves Total equity
(All figures £'000s)
At 1 January 2022 8,036 154,632 29,295 26,035 16,623 234,621
Loss for the year - - (74,541) - - (74,541)
Other comprehensive income for the year - - - 14,500 - 14,500
Total comprehensive (expense)/income - - (74,541) 14,500 - (60,041)
Share based payments - - - - 289 289
Tax relating to share options - - - - 91 91
Proceeds from shares issued 12 88 - - - 100
Total transactions with owners 12 88 - - 380 480
At 31 December 2022 8,048 154,720 (45,246) 40,535 17,003 175,060
Consolidated Cash Flow Statement 6 months to 6 months to 12 months to
30 Jun 2023 30 Jun 2022 31 Dec 2022
(All figures £'000s) Note Unaudited Unaudited Audited
Cash flows from operating activities
Adjusted cash inflow from operations 4,296 8,349 15,652
Cash impact of adjustments 8 (1,864) (2,173) (6,779)
Cash generated from operations 11 2,432 6,176 8,873
Net interest paid (1,565) (1,100) (2,154)
Income tax paid (726) (628) (775)
Net cash generated from operating activities 141 4,448 5,944
Cash flows from investing activities
Purchase of property, plant and equipment (5,183) (3,751) (9,438)
Purchase of intangible assets (1,681) (2,254) (4,699)
Capitalised development expenditure (1,590) (1,567) (3,795)
Proceeds from disposal of property, plant and equipment 12 4,091 7,203
Adjusted cash used in investing activities (8,442) (7,572) (16,802)
Cash impact of adjustments - proceeds from disposal of property, plant and 8 - 4,091 6,073
equipment and intangible assets
Net cash used in investing activities (8,442) (3,481) (10,729)
Cash flows from financing activities
Proceeds from issuance of ordinary shares 31,219 53 100
Expenses associated with issue of ordinary shares (1,390) - -
Proceeds from borrowings 5,833 7,856 15,814
Repayment of borrowings (25,302) (3,156) (6,256)
Payment of lease liabilities (748) (1,923) (4,926)
Net cash generated from financing activities 9,612 2,830 4,732
Net increase / (decrease) in cash and cash equivalents 1,311 3,797 (53)
Cash and cash equivalents at the beginning of the period 11,620 10,791 10,791
Exchange (losses) / gains on cash and cash equivalents (617) 802 882
Cash and cash equivalents at the end of the period 12 12,314 15,390 11,620
1. REPORTING ENTITY
IQE plc is a public limited company incorporated in the United Kingdom under
the Companies Act 2006. The Company is domiciled in the United Kingdom and is
quoted on the Alternative Investment Market (AIM).
These condensed consolidated interim financial statements ('interim financial
statements') as at and for the six months ended 30 June 2023 comprise the
Company and its Subsidiaries (together referred to as 'the Group'). The
principal activities of the Group are the development, manufacture and sale of
advanced semiconductor materials.
2. BASIS OF PREPARATION
These interim financial statements have been prepared in accordance with IAS
34 'Interim Financial Reporting', and should be read in conjunction with the
Group's last annual consolidated financial statements as at and for the year
ended 31 December 2022 which were approved by the Board of Directors on 23 May
2023 and have been delivered to the Registrar of Companies. The report of the
auditors on those financial statements was unqualified, did not contain an
emphasis of matter paragraph and did not contain any statement under section
498 of the Companies Act 2006.
The interim financial statements do not include all of the information
required for a complete set of IFRS financial statements and do not constitute
statutory accounts within the meaning of section 434 of the Companies Act
2006. However, selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in the
Group's financial position and performance since the last annual financial
statements.
Comparative information in the interim financial statements as at and for the
year ended 31 December 2022 has been taken from the published audited
financial statements as at and for the year ended 31 December 2022. All other
periods presented are unaudited.
The Board of Directors and the Audit Committee approved the interim financial
statements on 12 September 2023.
3. GOING CONCERN
The Group is currently experiencing weaker customer demand and a reduction in
customer orders and forecasts as a result of the global semiconductor industry
downturn. The current industry downturn has presented a temporary but
significant challenge to sales volumes in the first half of 2023 with market
softness expected to extend into H2FY23 prior to an anticipated gradual
improvement in market dynamics and customer demand from Q4 2023.
The Directors have taken steps to strengthen the balance sheet of the Group in
order to mitigate the financial impact of the current semiconductor market
downturn. Actions taken include:
· The successful refinancing of the Group's £27,300,000
($35,000,000) multi-currency revolving credit facility provided by HSBC Bank
plc on 16 May 2023. The tenor of the facility has been extended to 1 May 2026
with quarterly leverage and interest cover covenant tests applicable to the
facility, commencing at December 2023
· The successful £31,098,546 equity fund raise (net proceeds of
£29,708,392) completed on 18 May 2023 in order to ensure that the Company can
continue to invest to execute on its strategy, meet its near-term liquidity
requirements and deliver a sustainable balance sheet position going forward
· The implementation of cost management actions, including staff
redundancies, operational efficiencies and reductions in areas of
discretionary expenditure which are under the control of the Directors
· Deferral of capital and intangible asset expenditure under the
control of the Directors
In the six months to 30 June 2023, reported revenue declined 40% and the group
made a loss for the period of £21,325,000 (H1 2022: £8,252,000, FY22:
£74,541,000). The cash impact of the loss for the period has been mitigated
by a combination of the Group's successful equity fund raise, careful working
capital management and the deferral of certain capital and intangible asset
expenditure resulting in an improvement in the Group's net funds position
(excluding lease liabilities and fair value gains/losses on derivative
instruments) to £5,346,000 (H1 2022: £6,727,000 net debt, FY22: £15,248,000
net debt) At 30 June 2023 the Group had undrawn committed funding of
£27,300,000 ($35,000,000) available under the terms of its credit facilities.
In assessing the going concern basis of preparation the Directors have
reviewed financial projections to 31 December 2024 ('the going concern
assessment period'), containing both a 'base case' and a 'severe but plausible
downside case'. The review period extends beyond the minimum required 12-month
period from the date of approval of the interim financial statements to
protect against the recovery in the semiconductor market occurring later than
forecast by the Directors.
Base Case
The base case is the Group's latest 2023 Board approved 2023 and 2024
forecasts. The base case incorporates the impact of current market softness,
weak customer demand and cost management actions implemented by the Board.
The base case was prepared with the following key assumptions:
· Revenue for 2023 in line with current analyst consensus, with a
forecast return to year-on-year growth in 2024
· Direct wafer product margins for 2023 and 2024 consistent with H1
2023
· Labour inflation in 2024 in line with labour market norms
· Cost inflation in 2024 operating and administrative costs in line
with the current inflationary environment
· c.£14,000,000 of capital expenditure in 2023 and 2024 which
includes investment in Gallium Nitride (GaN) related manufacturing capacity,
enabling diversification into the high-growth power electronics and advanced
display (uLED) markets
In the base case the Group is forecast to maintain significant levels of
funding headroom throughout the going concern assessment period and is
forecast to comply with its leverage and interest cover banking covenants
throughout the going concern assessment period. A mid-single digit £m net
debt (excluding lease liabilities and fair value gains/losses on derivatives)
position is forecast at the end of 2023 and a high-single digit £m net debt
position is forecast at the end of 2024.
Severe but plausible downside case
The severe but plausible downside case was prepared using the following key
assumptions:
· Revenue is assumed at 17% down on the base case for Q4 2023 and
10% down on the base case for FY24 with a return to growth deferred to Q2FY24.
· In line with the revenue reduction in both years, there is a
reflective reduction in variable operating costs for 2023 and 2024 along with
additional incremental cost savings that primarily include idling of tools,
labour savings and reductions in certain non-manufacturing related
discretionary expenditure that can be controlled by the Directors
In the severe but plausible downside case the Group's liquidity is reduced to
mid-single digit £m at the end of 2023, increasing to low teen £m at the end
of 2024 and is forecast to comply with its leverage and interest cover banking
covenants throughout the going concern assessment period. A mid-single digit
£m net debt (excluding lease liabilities and fair value gains/losses on
derivatives) position is forecast at the end of 2023 and a low teen £m net
debt position is forecast at the end of 2024.
4. USE OF JUDGEMENTS AND ESTIMATES
In preparing these interim financial statements, management has made
judgements and estimates that affect the application of accounting policies
and the reported amounts of assets, liabilities, income and expense. Actual
results may differ from these estimates.
The significant judgements made by management in applying the Group's
accounting policies and the key sources of estimation uncertainty were the
same as those described in the last annual financial statements except as
follows:
Impairment of Cash Generating Units ('CGU')
At the end of each reporting period, the Group assesses whether there is any
indication of impairment of non-current assets allocated to the Group's CGU's.
Multiple production facilities and production assets are included in a single
CGU reflecting that production can (and is) transferred between sites and
production assets for different operating segments to suit capacity planning
and operational efficiency. Given the interdependency of facilities and
production assets non-current assets are tested for impairment by grouping
operational sites and production assets into CGUs based on type of production.
In the six months to 30 June 2023, the current industry downturn has
negatively impacted the Group's results with a loss for the period of
£21,325,000 and operating losses in each of its Wireless and Photonics CGU's.
As a result of this, non-current assets allocated to the Wireless and
Photonics CGUs have been tested for impairment.
The recoverable amount of the CGUs has been determined based on value in use
calculations, using cash flow projections for a five-year period plus a
terminal value based upon a long-term growth rate of 2% in line with The Bank
of England's monetary policy 2% inflation target.
Value in use calculations are based on the Group's latest Board approved 2023
and 2024 forecast and five-year plan which has been adjusted to exclude the
impact of expansionary capital expenditure and certain linked earnings and
cash flows. Revenue assumptions in year 1 reflect the impact of current market
softness, a reduction in customer demand, orders and forecasts, prior to an
expected improvement in market dynamics and customer demand in years 2 and 3.
Revenue assumptions in the adjusted cash flow projections for years 4 and 5
have typically been extrapolated from year 3 using business segment growth
rates that take account of industry trends and external market research.
The calculation of the recoverable amount of each CGU in the value in use
calculations is highly sensitive to small changes in the following key
assumptions applied in the 2023 cash flow forecast:
Year 1 Year 2 Year 3 Year 4 Year 5 5 Year
% % % % % CAGR
%
Risk adjusted discount rate 19.2% 19.2% 19.2% 19.2% 19.2% N/A
Latest 2023 and 2024 Board 34.3% 17.3% 18.1% 12.3%
approved forecast
Photonics revenue growth rate Latest 2023 and 2024 Board
approved forecast
Latest 2023 and 2024 Board 29.7% 31.3% 11.5% 12.5%
approved forecast
Wireless revenue growth rate Latest 2023 and 2024 Board
approved forecast
Wireless CGU
The recoverable amount of the Wireless CGU of £89,086,000, determined based
on value in use calculations is greater than the carrying amount
(£82,833,000) of the associated intangible assets, property, plant and
equipment and right of use assets allocated to the CGU such that no impairment
of Wireless CGU assets has been identified.
The Group has carried out a sensitivity analysis on the impairment test for
the Wireless CGU, using various reasonably plausible scenarios focused on
changes in business segment growth rates, direct wafer product margins and
changes in the discount rate applied in the value in use calculations.
· Growth rates in the value in use calculations take account of
continuing market demand for compound semiconductors and associated technology
advancement, driven by macro trends of 5G and connected devices where 5G
network infrastructure and 5G mobile handsets are being enabled by next
generation wireless compound semiconductor material. If the aggregated
compound annual revenue growth rate used in the value in use calculations to
determine the recoverable amount was to decrease by 1.0%, the magnitude of the
adverse impact on the recoverable amount of Wireless CGU non-current assets
would be £11,267,000
· If the discount rate used in the value in use calculations to
determine the recoverable amount was to increase by 0.5%, the magnitude of the
adverse impact on the recoverable amount of Wireless CGU non-current assets
would be £3,416,000.
Photonics CGU
The recoverable amount of the Photonics CGU of £137,515,000, determined based
on value in use calculations is greater than the carrying amount
(£136,870,000) of the associated intangible assets, property, plant and
equipment and right of use assets allocated to the CGU such that no impairment
of Photonics CGU assets has been identified.
The Group has carried out a sensitivity analysis on the impairment test for
the Photonics CGU, using various reasonably plausible scenarios focused on
changes in business segment growth rates, direct wafer product margins and
changes in the discount rate applied in the value in use calculations.
· Growth rates in the value in use calculations take account of
continuing market demand for compound semiconductors and associated technology
advancement, driven by macro trends of 5G and connected devices, and the
increasing proliferation of 3D and advanced sensing end user applications that
require enabling compound semiconductor material. If the aggregated compound
annual revenue growth rate used in the value in use calculations to determine
the recoverable amount was to decrease by 1.0%, the magnitude of the adverse
impact on the recoverable amount of Photonics CGU non-current assets would be
£19,732,000
· If the discount rate used in the value in use calculations to
determine the recoverable amount was to increase by 0.5%, the magnitude of the
adverse impact on the recoverable amount of Photonics CGU non-current assets
would be £5,158,000.
5. MATERIAL ACCOUNTING POLICIES
The accounting policies applied in these interim financial statements are the
same as those applied in the Group's consolidated financial statements as at
and for the year ended 31 December 2022. A number of new standards are
effective from 1 January 2023 but they do not have a material effect on the
Group's financial statements.
Recent accounting developments and the policy for recognising and measuring
income taxes in the interim period are described below.
5.1 Recent accounting developments
In preparing the interim financial statements, the Group has adopted the
following Standards, amendments and interpretations, which are effective for
2023 and will be adopted in the financial statements for the year ended 31
December 2023:
· IFRS 17 'Insurance contracts' which establishes the principles
for the recognition, measurement and presentation and disclosure of insurance
contracts and supersedes IFRS 4 'Insurance contracts'.
· Amendments to IAS 1 'Presentation of financial statements' on
classification of liabilities which is intended to clarify that liabilities
are classified as either current or non-current depending upon the rights that
exist at the end of the reporting period and amendments to the disclosure of
accounting policies will require disclosure of material rather than
significant accounting policies.
· Amendment to IAS 8 'Accounting policies, changes in accounting
estimates and errors' to introduce a new definition for accounting estimates
which clarifies that an accounting estimate is a monetary amount in the
financial statements that is subject to measurement uncertainty.
· Amendment to IAS 12 'Income taxes' to clarify the accounting
treatment for deferred tax on certain transactions with a narrowing of the
scope of the initial recognition exemption so that it does not apply to
transactions that give rise to equal and offsetting temporary differences.
The adoption of these standards and amendments has not had a material impact
on the interim financial statements.
5.2 Income tax expense
Income tax expense is recognised at an amount determined by multiplying the
loss before tax for the interim reporting period by management's best estimate
of the weighted-average annual income tax rate expected for the full financial
year, adjusted for the tax effect of certain items recognised in full in the
interim period. As such, the effective tax rate in the interim financial
statements may differ from management's estimate of the effective tax rate for
the annual financial statements.
6. PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties affecting the Group are set out in the
Strategic Report in the 2022 Annual report and financial statements and remain
unchanged at 30 June 2023.
The principal risks and uncertainties include health, safety and environment,
loss of key personnel, cybersecurity, infringement or loss of intellectual
property, legal and regulatory compliance, changes in international export
control laws, competition and/or erosion of market opportunity, customer
concentration, insufficient cash or funding to underpin investment
opportunities, the failure of new products or technology to deliver expected
levels of revenue and profitability, disruption or inflation in global supply
chains, transformation of IT systems causing business disruption and
insufficient liquidity or cash funding to meet financial obligations as they
fall due.
7. SEGMENTAL INFORMATION
6 Months to 30 June 2023 6 Months to 30 June 2022 12 Months to 31 Dec 2022
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Wireless 22,438 46,629 76,016
Photonics 28,012 38,475 88,637
CMOS++ 1,566 1,094 2,841
Revenue 52,016 86,198 167,494
Adjusted operating loss
Wireless (2,978) 5,533 4,705
Photonics (6,354) 1,899 11,162
CMOS++ (932) (704) (1,513)
Central corporate costs (7,195) (8,168) (17,911)
Adjusted operating loss (17,459) (1,440) (3,557)
Adjusted items
Wireless (284) (943) (63,754)
Photonics (825) (3,883) (5,438)
CMOS++ (15) (7) (10)
Central corporate costs (1,051) (1,158) (217)
Operating loss (19,634) (7,431) (72,976)
Finance costs (1,832) (1,100) (2,427)
Loss before tax (21,466) (8,531) (75,403)
8. ADJUSTED PERFORMANCE MEASURES
The Group's results report certain financial measures after a number of
adjusted items that are not defined or recognised under IFRS including,
adjusted earnings before interest, tax, depreciation and amortisation,
adjusted operating loss, adjusted loss before income tax and adjusted losses
per share. The Directors believe that the adjusted performance measures
provide a useful comparison of business trends and performance and allow
management and other stakeholders to better compare the performance of the
Group between the current and prior year, excluding the effects of certain
non-cash charges, non-operational items and significant infrequent items that
would distort period on period comparability. The Group uses these adjusted
performance measures for internal planning, budgeting, reporting and
assessment of the performance of the business. The tables below show the
adjustments made to arrive at the adjusted performance measures and the impact
on the Group's reported financial performance.
6 months to 30 Jun 2023 Restated
Reported 6 months to 30 Jun 2022 2022
Adjusted Adjusted Adjusted Adjusted Reported Adjusted Adjusted Reported
£'000s Results Items Results Results Items Results Results Items Results
Revenue 52,016 - 52,016 86,198 - 86,198 167,494 - 167,494
Cost of sales (56,088) (153) (56,241) (71,475) (370) (71,845) (140,962) (149) (141,111)
Gross (loss)/profit (4,072) (153) (4,225) 14,723 (370) 14,353 26,532 (149) 26,383
Other gains/(losses) 640 - 640 (1,317) - (1,317) (381) - (381)
SG&A (14,382) (2,022) (16,404) (14,252) (2,262) (16,514) (26,780) (4,431) (31,211)
Impairment of intangibles - - - - (3,363) (3,363) - (66,155) (66,155)
Impairment reversal/(loss) of receivables 355 - 355 - - - (2,300) - (2,300)
(Loss)/profit on disposal of PPE - - - (594) 4 (590) (628) 1,316 688
Operating loss (17,459) (2,175) (19,634) (1,440) (5,991) (7,431) (3,557) (69,419) (72,976)
Finance costs (1,832) - (1,832) (1,100) - (1,100) (2,427) - (2,427)
Loss before tax (19,291) (2,175) (21,466) (2,540) (5,991) (8,531) (5,984) (69,419) (75,403)
Taxation 141 - 141 (395) 674 279 64 798 862
Loss for the period (19,150) (2,175) (21,325) (2,935) (5,317) (8,252) (5,920) (68,621) (74,541)
6 months to 30 Jun 2023 6 months to 30 Jun 2022
Reported Reported 2022
Pre-tax Tax Pre-tax Tax Pre-tax Tax Reported
£'000s Adjustment Impact Results Adjustment Impact Results Adjustment Impact Results
Share based payments (460) - (460) (1,110) - (1,110) (223) (200) (423)
Share based payments - Chief Executive Officer recruitment (6) - (6) (38) - (38) (109) - (109)
Chief Executive Officer recruitment (147) - (147) (154) - (154) (96) - (96)
Chief Finance Officer severance (326) - (326) - - - - - -
Impairment - goodwill - - - - - - (62,716) - (62,716)
Impairment -other intangibles - - - (3,363) 410 (2,953) (3,439) 724 (2,715)
Restructuring (1,236) - (1,236) (1,330) - (1,330) (4,152) - (4,152)
Restructuring - profit on disposal of PPE - - - 4 264 268 1,316 274 1,590
Total (2,175) - (2,175) (5,991) 674 (5,317) (69,419) 798 (68,621)
The nature of the adjusted items is as follows:
Current period:
· Share based payments - The charge recorded in accordance with
IFRS 2 'share based payment' of which £153,000 (H1 2022: £370,000, FY22:
£149,000) has been classified within cost of sales in gross (loss)/profit and
£307,000 (H1 2022: £740,000, FY22: £74,000) in selling, general and
administrative expenses within operating loss.
· Chief Executive Officer recruitment - The Chief Executive
Officer's starting bonus of £1,000,000, of which £200,000 relates to a
share-based payment award and £800,000 relates to a cash award is payable
over the first three years of employment. The charge of £153,000 (H1 2022:
£192,000, FY22: £205,000) includes share award and cash costs associated
with the new Chief Executive Officer's starting bonus of £153,000 (H2 2022:
£192,000, FY22: £435,000) and a credit of £nil (H1 2022: £nil, FY22:
£230,000) relating to external recruitment fees. Cash costs defrayed in the
period total £463,000 (H1 2022: £582,000, FY22: £715,000).
· Chief Finance Officer severance - The charge of £326,000 (H1
2022: £nil, FY22 £nil) consists of settlement costs and legal fees in
relation to the former Chief Financial Officer. Cash costs defrayed in the
period total £280,000 (H1 2022: £nil, FY22: £nil).
· Restructuring - The charge of £1,236,000 (H1 2022: £1,330,000,
FY22: £4,152,000) relates to restructuring costs relating to labour cost
reductions within the Group, the closure of the Group's manufacturing facility
in Pennsylvania, USA and the closure of the Group's manufacturing facility in
Singapore.
- Restructuring charges of £786,000 (H1 2022: £nil, FY22: £nil)
relate to employee related costs relating to labour cost associated with
employee redundancies across the Group (excluding costs relating to facility
closures separately disclosed). The charge was classified as selling, general
and administrative expenses within operating loss. Cash costs defrayed in the
period total £786,000 (H1 2022: £nil, FY22: £nil).
- Restructuring charges of £450,000 (H1 2022: £323,000, FY22:
£1,136,000) relate to employee related costs relating to the announced
closure of the Group's manufacturing facility in Pennsylvania, USA. The charge
was classified as selling, general and administrative expenses within
operating loss. Cash costs defrayed in the period total £186,000 (H1 2022:
£131,000, FY22: £606,000).
- Restructuring charges of £nil (H1 2022: £1,007,000, FY22:
£3,016,000) consist of employee related costs of £nil (H1 2022: £148,000,
FY22: £220,000), site decommissioning costs of £nil (H1 2022: £859,000,
FY22: £1,512,000), asset write downs of £nil (H1 2022: £nil, FY22:
£863,000) and asset transfer costs of £nil (H1 2022: £nil, FY22: £421,000)
relating to the closure of the Group's manufacturing facility in Singapore.
The prior period charge was classified as selling, general and administrative
expenses within operating loss. Cash costs defrayed in the period total
£108,000 (H1 2022: £1,075,000, FY22: £5,088,000).
Prior periods:
· Restructuring profit on disposal of PPE - The profit on disposal
of PPE of £nil (H1 2022: £4,000, FY22: £1,316,000) consists of the sale of
assets in Singapore following the cessation of trade and the sale of assets in
North Carolina to facilitate the consolidation of the Group's manufacturing
operations from Pennsylvania. Cash proceeds received in the period for the
sale of plant and equipment total £nil (H1 2022: £4,091,000, FY22:
£6,073,000).
· Impairment of goodwill - The non-cash charge of £nil (H1 2022:
£nil, FY22: £62,716,000) relates to impairment costs associated with the
Wireless CGU of £nil (H1 2022: £nil, FY22: £62,382,000) and the Photonics
CGU of £nil (H1 2022: £nil, FY22: £334,000).
· Impairment of other intangibles - The non-cash charge of £nil
(H1 2022: £3,363,000, FY22: £3,439,000) relates to the impairment of
distributed feedback laser technology development costs where the Group has
taken the decision to discontinue the development and commercialisation of the
technology.
The cash impact of adjusted items in the consolidated cash flow statement
represent costs associated with the recruitment of the group's Chief Executive
Officer (£463,000), the recruitment and severance of the group's Chief
Finance Officer (£280,000), onerous contract royalty payments related to the
Group's cREO™ technology (£41,000), payment of employee related costs
associated with labour cost reductions within the Group (£786,000), payment
of employee related costs associated with the announced closure of the Group's
site in Pennsylvania (£186,000) and payment of employee and site related
decommissioning costs associated with the closure of the Group's manufacturing
facility in Singapore (£108,000).
Adjusted EBITDA (adjusted earnings before interest, tax, depreciation and
amortisation) has been calculated as follows:
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
Loss attributable to equity shareholders (21,325) (8,252) (74,541)
Finance costs 1,832 1,100 2,427
Tax (141) (279) (862)
Depreciation of property, plant and equipment 6,073 7,359 14,529
Depreciation of right of use assets 1,898 1,989 3,981
Amortisation of intangible fixed assets 3,750 3,831 7,784
Loss on disposal of PPE and intangibles* - 590 628
Adjusted Items 2,175 5,995 69,419
Share based payments 460 1,110 223
Share based payments - CEO recruitment 6 38 109
CEO recruitment 147 154 96
CFO recruitment & severance 326 - -
Restructuring 1,236 1,330 4,152
Restructuring - profit on disposal of PPE - - (1,316)
Impairment of intangibles - 3,363 66,155
Adjusted EBITDA (5,738) 12,333 23,365
Share based payments (460) (1,110) (223)
Share based payments - CEO recruitment (6) (38) (109)
CEO recruitment (147) (154) (96)
CFO recruitment & severance (326) - -
Restructuring (1,236) (1,330) (4,152)
EBITDA (7,913) 9,701 18,785
*Excludes the adjustment 'Restructuring - profit on disposal of PPE' which is
separately disclosed as part of the groups adjusted items
9. TAXATION
The Group's consolidated effective tax rate for the six months ended 30 June
2023 was 0.7% (H1 2022: 3.3%, FY22: 1.1%). The effective tax rate differs from
the theoretical amount that would arise from applying the standard corporation
tax in the UK of 19.0% (H1 2022: 19.0%, FY22: 19.0%) principally due to
non-recognition of current year tax losses in the UK and USA.
10. LOSS PER SHARE
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
Loss attributable to ordinary shareholders (21,325) (8,252) (74,541)
Adjustments to loss after tax (note 8) 2,175 5,317 68,621
Adjusted loss attributable to ordinary shareholders (19,150) (2,935) (5,920)
Number of shares:
Weighted average number of ordinary shares 830,940,409 804,236,241 804,466,357
Dilutive share options 4,621,705 7,369,508 8,797,413
835,562,114 811,605,749 813,263,770
Basic loss per share (2.57p) (1.03p) (9.27p)
Adjusted loss per share (2.30p) (0.36p) (0.74p)
Diluted loss per share (2.57p) (1.03p) (9.27p)
Adjusted diluted loss per share (2.30p) (0.36p) (0.74p)
Basic loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of ordinary shares during
the period.
Diluted loss per share is calculated by dividing the loss attributable to
ordinary shareholders by the weighted average number of shares and 'in the
money' share options in issue. Share options are classified as 'in the money'
if their exercise price is lower than the average share price for the period.
As required by IAS 33, this calculation assumes that the proceeds receivable
from the exercise of 'in the money' options would be used to purchase shares
in the open market in order to reduce the number of new shares that would need
to be issued.
11. CASH GENERATED FROM OPERATIONS
(All figures £'000s) 6 months to 6 months to 12 months to
30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
Loss before tax (21,466) (8,531) (75,403)
Finance costs 1,832 1,100 2,427
Depreciation of property, plant and equipment 6,073 7,359 14,529
Depreciation of right of use assets 1,898 1,989 3,981
Amortisation of intangible assets 3,750 3,831 7,784
Impairment of intangible assets - 3,363 66,155
Inventory write downs 760 499 2,811
Loss/(profit) on disposal of property, plant and equipment - 590 (688)
Movement on trade receivable expected credit losses (355) - 2,300
Provision movements 404 (208) 3,049
Fair value (gain)/loss on derivative financial instruments (640) 1,317 -
Share based payments 466 1,148 332
Cash inflow from operations before changes in working capital (7,278) 12,457 27,277
Decrease/(increase) in inventories 5,946 (1,376) (2,904)
Decrease/(increase) in trade and other receivables 7,185 (6,092) (5,534)
(Decrease)/increase in trade and other payables (3,043) 1,187 (3,893)
Decrease in provisions (378) - (6,073)
Cash inflow from operations 2,432 6,176 8,873
12. ANALYSIS OF NET DEBT
(All figures £'000s)
6 months to 6 months to 12 months to
30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
Bank borrowings due after one year (845) (7,205) (20,643)
Bank borrowings due within one year (6,123) (14,912) (6,225)
Lease liabilities due after one year (42,826) (48,372) (46,026)
Lease liabilities due within one year (7,140) (5,287) (4,843)
Total borrowings (56,934) (75,776) (77,737)
Fair value of derivative financial instruments 259 (1,327) (381)
Cash and cash equivalents 12,314 15,390 11,620
Net debt (44,361) (61,713) (66,498)
On 17 May 2023, the Company refinanced its £27,300,000 ($35,000,000)
multi-currency revolving credit facility, provided by HSBC Bank plc. The
facility is secured on the assets of IQE plc and its subsidiary companies with
a committed term to 1 May 2026. Interest on the facility is payable at a
margin of between 2.50 and 3.50 per cent per annum over SONIA on any drawn
balances and the facility is subject to quarterly leverage and Interest cover
covenants tests which commence at 31 December 2023.
On 29 August 2019, the Company agreed a new £30,000,000 asset finance
facility, provided by HSBC Bank plc that is secured over various plant and
machinery assets. The facility has a five-year term and an interest rate
margin of 1.65% per annum over base rate on any drawn balances.
Bank borrowings relate to amounts drawn down on the Group's asset finance
facility.
Cash and cash equivalents comprise balances held in instant access bank
accounts and other short-term deposits with a maturity of less than 3 months.
13. SHARE CAPITAL
6 months to 6 months to 12 months to
Number of shares 30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
As at 1 January 804,841,965 803,555,756 803,555,756
Employee share schemes 1,052,260 419,252 702,500
Placing 150,000,000 - -
Retail Offer 5,492,730 - -
Chief Executive Officer's starting bonus - share award - 583,709 583,709
As at 30 June / 31 December 961,386,955 804,558,717 804,841,965
6 months to 6 months to 12 months to
(All figures £'000s) 30 June 2023 30 June 2022 31 Dec 2022
Unaudited Unaudited Audited
As at 1 January 8,048 8,036 8,036
Employee share schemes 11 10 12
Placing 1,500 - -
Retail Offer 55 - -
As at 30 June / 31 December 9,614 8,046 8,048
On 17 May 2023, IQE plc raised funds by way of a Placing and a Retail Offer to
all existing shareholders. In each case these were offered at an issue price
of 20 pence per share (the 'Issue Price'). The Placing utilised a cashbox
structure and therefore the premium on the ordinary shares and associated
costs, in accordance with section 612 of the Companies Act 2006, were
initially recognised within the merger reserve (incorporated within 'Other
reserves'). The investment in the newly incorporated subsidiary utilised
within the cashbox structure has been fully impaired in the period and the
merger reserve has subsequently been transferred into retained earnings as it
is determined to be distributable in accordance with the Companies Act 2006.
The Placing and Retail Offer raised net funds of £29,708,000 from the issue
of 155,492,730 ordinary shares.
14. RELATED PARTY TRANSACTIONS
Transactions with Joint Ventures
Compound Semiconductor Centre Limited ('CSC')
The Group established CSC with its joint venture partner as a centre of
excellence for the development and commercialisation of advanced compound
semiconductor wafer products in Europe and on its formation, the Group
contributed assets to the joint venture valued at £12m as part of its initial
investment.
The activities of CSC include research and development into advanced compound
semiconductor wafer products, the provision of contract manufacturing services
for compound semiconductor wafers to certain subsidiaries within the IQE plc
Group and the provision of compound semiconductor manufacturing services to
other third parties.
CSC operates from its manufacturing facilities in Cardiff, United Kingdom and
leases certain additional administrative building space from the Group. During
the period the CSC leased this space from the Group for £58,000 (H1 2022:
£58,000, FY22: £115,000) and procured certain administrative support
services from the Group for £118,000 (H1 2022: £118,000, FY22: £235,000).
As part of the administrative support services provided to CSC the Group
procured goods and services, recharged to CSC at cost, totalling £2,359,000
(H1 2022: £2,069,000, FY22: £4,031,000).
CSC granted the Group the right to use its assets following its formation for
a minimum five-year period. Costs associated with the right to use the CSC's
assets are treated by the Group as operating lease costs. Costs are charged by
the CSC at a price which reflects the CSC's cash cost of production (including
direct labour, materials and site costs) but excludes any related depreciation
or amortisation of the CSC's property, plant and equipment and intangible
assets respectively under the terms of the joint venture agreement between the
parties. Costs associated with the right to use the CSC's assets totalled
£3,488,000 (H1 2022: £3,288,000, FY22: £6,822,000) in the period.
At 30 June 2023 an amount of £243,000 (H1 2022: £439,000, FY22: £137,000)
was owed from the CSC.
In the Groups balance sheet 'A' Preference Shares with a nominal value of
£8,800,000 (H1 2022: £8,800,000, FY22: £8,800,000) are included in
financial assets at an amortised cost of £nil (H1 2022: £nil, FY22: £nil)
and the Group has a shareholder loan of £248,000 (H1 2022: £246,000, FY22:
£247,000) due from CSC.
15. COMMITMENTS
The Group had capital commitments at 30 June 2023 of £12,197,000 (H1 2022:
£3,527,000, FY22: £1,740,000).
RESPONSIBILITY STATEMENT
We confirm that to the best of our knowledge:
· the condensed set of financial statements has been prepared in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK;
· the interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
Americo Lemos Neil Rummings
Chief Executive Officer, IQE plc. Interim Chief Financial Officer, IQE plc.
12 September 2023 12 September 2023
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