- Semiconductor materials supplier IQE swung to an adjusted operating loss, in line with its expectations, as revenue fell 10%.

The company said it continued to trade in line with expectations in the first quarter of the year.

For 2019, the company reported an adjusted operating loss of £4.7m, compared with profit of £16.0m, while revenue fell 10% to £140.0m on-year, in line with guidance given in November last year.

The decline in revenue was primarily due to the loss of two customers, one in its wireless business and one in photonics business.

Its photonics business grew by 4% and wireless decreased by 23%.

IQE said it had been trading in line with expectations in the first quarter of 2020.

'Forecasts from customers are relatively strong with high levels of production in March in particular, for Wireless products and 3D Sensing VCSELs. The revenue trajectory for March is currently on a weekly run rate significantly higher than average monthly revenue for 2019,' it added.

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