Cardiff semiconductor firm IQE soars by a third as bosses pin their hopes on a bounceback

Recovery hopes: IQE – which supplies Iphone-maker Apple, said losses shrunk from £75m in 2022 to £26m last year

Shares in a British semiconductor firm that supplies Apple soared by nearly a third as bosses pin their hopes on a bounceback.

Cardiff-based IQE said losses shrunk from £75million in 2022 to £26million last year.

Semiconductor firms have suffered as supply chain issues hamper global production and demand slowed because of high inflation and interest rates.

But IQE shares climbed 28.8 per cent, or 5.75p, to 25.75p as investors cheered a more confident outlook. 

IQE makes epi-wafers, a type of material used for laser hair removal and facial recognition sensors in iPhones. Bosses said it was ‘well-positioned’ for ‘sustainable growth’ despite economic challenges.

The rally also came despite revenues also falling by over a third year-on-year to £115million for 2023.

The company noted a stronger performance in the second half of 2023 as the artificial intelligence (AI) boom picks up speed.

It expects this meatier order book to continue.

Americo Lemos, chief executive, said: ‘I am pleased with the resilience of the business and dedication of our people despite 2023 being a particularly challenging year.’