EnSilica PLC AGM Statement & Trading Update for the Half Year (8242U)
28 November 2023 - 6:00PM
UK Regulatory
TIDMENSI
RNS Number : 8242U
EnSilica PLC
28 November 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK Market Abuse Regulation
28 November 2023
EnSilica plc
("EnSilica", "Company", or the "Group")
AGM Statement and Trading Update for the Half Year
The Board of EnSilica, a leading chip maker of mixed signal
ASICs (Application Specific Integrated Circuits), is pleased to
provide a trading update for the first half of its current
financial year ending 30 November 2023 ("HY24") ahead of its Annual
General Meeting being held at 10.00 a.m. today.
The Company has delivered a resilient performance in the first
half of the year, buoyed by continued new business momentum, and
the execution of a number of significant contracts with several key
customers. As a result, management remains confident in the
near-to-medium term prospects of the Group and expects the Company
to continue to trade in line with market expectations for the 2024
financial year(1) .
The Board is pleased to note that EnSilica has maintained
activity levels across HY24 and new business generation remains
strong. The team continues to build the recurring revenue pipeline,
with EnSilica's sales pipeline of opportunities and potential
contracts standing at an estimated US $360.0 million of lifetime
revenues. This includes several design and supply contracts in
final negotiations which are expected to generate significant
revenues for the Company and would further demonstrate the
increasing demand for EnSilica's services. In addition, customer
funded studies and scoping projects have already commenced for two
industrial ASICs.
More broadly, management has been able to seize opportunities to
improve margins as a consequence of enhanced relationships with key
suppliers, and the Company is currently working on a number of
contracts which will build further resilience into the business in
future years. EnSilica has seen a particular increase in activity
in the USA in this regard, leading to the establishment of the
EnSilica USA Inc. subsidiary, which has already built a strong
relationship with relevant critical suppliers and a highly
promising pipeline of additional business opportunities.
The Company has also negotiated and secured improved
relationships with key suppliers in Europe, further consolidating
EnSilica's position as a go-to ASIC partner.
Looking ahead, the Board believes that EnSilica is well placed
to continue to capitalise on the significant growth opportunity
that exists within the international semiconductor industry.
(1) Analyst consensus forecast for the year ending 31 May 2024
prior to release of this announcement were revenues of GBP22.9
million and EBITDA of GBP2.5 million.
For further information please contact:
EnSilica plc Via Vigo Consulting
Ian Lankshear, Chief Executive Officer +44 (0)20 7390 0233
www.ensilica.com
Allenby Capital Limited, Nominated Adviser +44 (0)20 3328 5656
& Broker info@allenbycapital.com
Jeremy Porter / Vivek Bhardwaj (Corporate
Finance)
Joscelin Pinnington / Tony Quirke (Sales
& Corporate Broking)
Vigo Consulting (Investor & Financial Public +44 (0)20 7390 0233
Relations) ensilica @vigoconsulting.com
Jeremy Garcia / Kendall Hill
About EnSilica
EnSilica is a leading fabless design house focused on custom
ASIC design and supply for OEMs and system houses, as well as IC
design services for companies with their own design teams. The
company has world-class expertise in supplying custom RF, mmWave,
mixed signal and digital ICs to its international customers in the
automotive, industrial, healthcare and communications markets. The
company also offers a broad portfolio of core IP covering
cryptography, radar, and communications systems. EnSilica has a
track record in delivering high quality solutions to demanding
industry standards. The company is headquartered near Oxford, UK
and has design centres across the UK and in Bangalore, India and
Porto Alegre, Brazil.
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