LONDON (ShareCast) - (Sharecast News) - Loss-making Apple supplier IQE reiterated its full-year outlook on Tuesday, despite the impact of tariffs, as it confirmed interim chief executive Jutta Meier would take on the role on a permanent basis.
Revenues at the AIM-listed firm - a supplier of compound semiconductor wafer products to high-tech sectors including communications and aerospace - ticked 2.4% higher in the year to 31 December to £118.0m.

Within that, wireless revenues rose 25% to £67.3m, but photonics slid 16% to £49.9m, due to softness in 3D sensing and telecoms infrastructure markets.

Adjusted earnings before interest, tax, depreciation and amortisation jumped, to £8.1m from £4.3m, boosted by strict cost management.

Reported pre-tax losses widened to £36.9m from £28.8m.

Meier called the results "solid", adding: "Our focus has been on reducing costs and optimising our footprint, and I am pleased to see this has resulted in an improved adjusted EBITDA position."

Formerly finance director, Meier was appointed interim chief in October, when former incumbent Americo Lemos - who had succeeded founder Drew Nelson in 2022 - left the company with immediate effect.

Looking ahead, Meier said an ongoing strategic review was making "encouraging" progress, despite the challenging macroenvironment.

The firm also reiterated its full-year outlook. Analysts are currently forecasting revenues of between £115.1m and £123m, and adjusted EBITDA of between £7.4m and £10m.

It noted: "Global markets are being impacted by macroeconomic uncertainty and as a result, some end-customer demand is being fulfilled with existing inventory.

"This was visible in first quarter trading but is expected to correct in the second half.

"There is currently no direct impact to IQE from the implementations of US tariffs. However, developments are being closely monitored and options are being explored with both suppliers and customers to mitigate any potential risk."

• News Channel