Mixed signal chipmaker EnSilica PLC (AIM:ENSI) rose 9% on Friday morning after announcing it had won a €5mln contract to develop satellite broadband chips, alongside stronger half-year results.
Confirming the two-year contract, funded by the European and UK Space Agencies, Ensilica said it would be developing its own satellite broadband chips, aiming to supply the next generation of “low-cost, low-power” terminals set to be placed in orbit.
It also reported an adjusted operating profit of £0.15mln for the first half of 2023, up from a £0.17mln loss a year earlier, adding revenue had grown 23.5% to £8.6mln.
Chief executive Ian Lankshear pointed to “significant” potential growth in the satellite communications market, given the millions of users who will likely adopt the tech in the future.
Shares rose from 93.5p to 102p following the news.