IQE Plc FY Reported Loss Widens, Revenue Up 2.4%

(RTTNews) - IQE plc (IQE.L), on Tuesday, reported a wider loss for the fiscal year 2024, despite a slight increase in revenue compared to the previous year.

The company's FY reported loss before tax widened to £36.9 million from £28.8 million. On a per share basis, loss was 3.96p, compared to a loss of 3.28p in FY 2023.

However, the adjusted loss before tax remained substantial at £22.3 million, slightly narrower than the £23.2 million loss incurred the previous year. Adjusted loss per share of 2.46p, slightly narrower than the 2.68p loss in the prior year.

Revenue for the quarter was £118.0 million, up 2.4% from £115.3 million in FY 2023. Adjusted EBITDA saw a significant improvement, rising by 88.1% to £8.1 million from £4.3 million in the prior year.

Cash flow from operations showed a decline, with adjusted net cash flow decreasing to £6.1 million from £15.7 million, while reported net cash flow dropped to £1.3 million from £10.1 million. Cash capital expenditure was slightly lower at £11.4 million compared to £12.2 million in FY 2023.

Adjusted net debt increased significantly to £18.8 million from £2.2 million, reflecting financial challenges. Cash and cash equivalents stood at £4.7 million, down from £5.6 million in the previous year.