EnSilica PLC (AIM:ENSI) talked up its confidence and strong sales pipeline as it reported on its trading for the first half of its financial year in an update released ahead of today’s annual general meeting.
The chip maker, specialising in mixed signal ASICs (Application Specific Integrated Circuits), said its performance is expected be within the market expectations for the 2024 financial year – with analysts' current consensus pitched at £22.9 million of revenue and £2.5 million of EBITDA.
It meanwhile highlighted a strong sales pipeline of around US$360.0 million, noting that its resilient trading performance was supported by a continuation of new business wins and "a number of significant contracts with several key customers".
The company also pointed to its expansion into the US market, which it said has seen the new subsidiary establish essential relationships with critical suppliers and "a highly promising pipeline of additional business opportunities".
EnSilica added that it also secured in the first half improved relationships with key suppliers in Europe.
“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,” the company said in a statement.
In London, EnSilica shares rose 4.5p or 8.65% to trade at 56.50p in Tuesday’s early deals.