Shares in EnSilica PLC (AIM:ENSI) shot up over 11 % in early trade on Thursday after the mixed signal chip maker revealed that underlying profits for the current year are set to come in "significantly" above analysts’ forecasts.
Following strong trading in the second half, “excellent” new contract momentum and the completion of projects, the company now expects EBITDA for the year to 31 May 2023 to be around 30% higher than the £1.18mln predicted by the market.
Meanwhile, revenue is forecast to be in line with the £19.8mln consensus estimate, EnSilica said in a trading update.
It added that the company is “well placed” to take advantage of the “significant growth opportunity” in the semiconductor industry.
Shares rallied 11.29% to 69.00p at 9am.