IQE plc: Delay to Full Year 2019 Results

IQE plc

Cardiff, UK

23 March 2020

On 21 March 2020 the Financial Conduct Authority (FCA) requested a delay to forthcoming announcements of preliminary financial accounts for at least two weeks observing that, due to disruption caused by the outbreak of COVID-19, companies’ external auditors may not have had the necessary time to complete all of their auditing work.

IQE Plc (AIM:IQE) and its auditor KPMG have not encountered any practical challenges in preparing for the results announcement and IQE had liaised with the FCA to agree that the announcement would go ahead. However, our auditors KPMG have since been strongly advised by the Financial Reporting Council (FRC) not to sign any opinions for a short period or for two weeks until things become more clear.

IQE has therefore decided to delay the Full Year 2019 Results which were due for publication tomorrow (24 March 2020). Instead, the Group will provide a Trading Update at 7:00am tomorrow, 24 March 2020 covering financial performance for the year ended 31st December 2019 and an update on Q1 2020 trading.

The Group will await further guidance from the FCA and the FRC with regard to the timing of the publication of its Full Year 2019 Results. 

Contacts:

IQE plc
+44 (0) 29 2083 9400
Drew Nelson
Tim Pullen
Amy Barlow
           
Peel Hunt LLP (Nomad and Joint Broker)
+44 (0) 20 7418 8900
Edward Knight
Nick Prowting
Christopher Golden                
           
Citigroup Global Markets Limited (Joint Broker)
+44 (0) 20 7986 4000
Christopher Wren
Peter Catterall

Headland Consultancy (Financial PR)
+ 44 (0) 20 38054822
Andy Rivett-Carnac: +44 (0) 7968 997 365
Tom James: +44 (0)78 1859 4991 

ABOUT IQE

http://iqep.com

IQE is the leading global supplier of advanced compound semiconductor wafers and materials solutions that enable a diverse range of applications across:

• handset devices

• global telecoms infrastructure
• connected devices
• 3D sensing

As a scaled global epitaxy wafer manufacturer, IQE is uniquely positioned in this market which has high barriers to entry. IQE supplies the whole market and is agnostic to the winners and losers at chip and OEM level. By leveraging the Group’s intellectual property portfolio including know-how and patents, it produces epitaxy wafers of superior quality, yield and unit economics.

IQE is headquartered in Cardiff UK, with c. 650 employees across nine manufacturing locations in the UK, US, Taiwan and Singapore, and is listed on the AIM Stock Exchange in London.