British chip components maker IQE Plc reported a 2 per cent drop in its annual revenue on Wednesday, hit by reduced orders amid weak demand for consumer electronics.
Revenue on a constant currency basis fell to £151.2 million (US$190.83 million) for the full-year ended December 2022, from £154.1 million a year earlier.
IQE makes "epi-wafers", a type of advanced material used in products from laser hair removal to facial recognition sensors in iPhones.
The Cardiff-based company reported a wider operating loss of £73 million, driven by non-cash impairment of goodwill of £62.7 million relating to its wireless operating segment.
The segment, which saw an 18 per cent fall in its annual revenue on a constant currency basis, has seen reduction in sales volumes due to lower smartphone-related demand and continuing softness in 5G infrastructure.
London-listed IQE said current trading was impacted by temporary semiconductor industry setbacks entailing subdued customer forecasts, orders and related revenue.
It expects revenue for the half year ending Jun 30 to be between £50 million and £56 million.
IQE, mired in a supply glut due to inventory build-up, also announced fundraising worth £30 million via placing of shares.