- Wafer product supplier to the semiconductor sector IQE downgraded its revenue expectations and warned of slightly wider losses for the year as customers continued to keep a lid on orders.

For the full year ended 31 December 2019, the company expected to report a mid-single digit adjusted operating loss on expectations for lower revenue growth that previously anticipated.

IQE now expected to deliver revenue of between £136m and £142m, compared to the previous guidance range of £140m to £160m, including a forex tailwind of circa £3m, the company said. Capex would be toward the bottom end of previous guidance of £30m to 40m and net debt at year end was expected to be between £15m to £20m, against increased debt facilities of £57m announced in June.

IQE said its outlook for 2020 included a seasonally weak first quarter amid continued supply chain transitions in the wireless market. But it expected total revenue would return to moderate growth in 2020. At 9:30am: [LON:IQE] IQE PLC share price was -13.95p at 51.9p

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