One of Wales’ tech companies expects to see its revenues tumble this year due to a fall in demand in the semiconductor market.
IQE, which provides compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, saw its shares drop 28.3% lower to 33.50p on Thursday morning after warning that a reduction in customer orders and forecasts is expected to result in a year-on-year decline of around £30m in reported revenues for the first half of 2023.
Last year it reported £86 million in revenues between January and June 2022. In an update on current trading, the London Stock Market-listed and Cardiff-headquartered firm said its management’s expectation for its 2022 financial results were still in line with its update given earlier this year.
