Shares in British semiconductor wafer maker IQE Plc jumped on Thursday after the company reported that 2024 profits would beat expectations.
IQE, which supplies tech giant Apple, said it now expected annual revenue of £118m and adjusted earnings before interest, taxes, depreciation and amortisation of at least £7.5m, beating a November forecast of £115m and £5m respectively.
The Cardiff-based firm, which makes parts for facial recognition sensors in Apple's iPhones, has been hit by weaker global semiconductor demand, which it had mitigated by imposing cost controls.
It also started a strategic review of assets in November as part of efforts to bolster its capital position, amid "slower than anticipated recovery in key sectors driven by weak consumer demand in end markets".
Reporting by Frank Prenesti for Sharecast.com