EnSilica upbeat as strong trading continues

The AIM-traded firm, which was holding its first annual general meeting as a public company, reaffirmed that it was set to meet market expectations for the year ending 31 May, which were upgraded after its full-year results announcement in mid-October.

Executive chair Mark Hodgkins told shareholders that the performance was underpinned by EnSilica’s “focussed” business strategy, and its track record of innovation and service excellence.

“This has culminated in contract momentum, including a significant contract win announced on 25 July with a leading European industrial original equipment manufacturer (OEM), all of which is supported by ongoing new business development.”

To further capitalise on that market opportunity, Hodgkins said the group had continued to strengthen its sales and marketing efforts, appointing Peter Jeutter as its new vice-president of worldwide sales, and agreed new sales partnerships with Quantum Leap Solutions covering North America, and Cedar Technologies covering the UK, Nordic regions and Poland.

“In addition, our executive team remains focused on both retaining and attracting talent, as well as expanding our operational base.

“Alongside hiring an ASIC implementation team, composed of six skilled engineers, we have also opened our new Bristol facility, which the directors believe will provide a strong platform to further attract talent in the area.

“The board is mindful of the broader macroeconomic climate, however, given the group's sizeable order book and prospects pipeline, supported by a variety of blue-chip customers across the automotive, industrial, healthcare and satellite communications markets, the directors continue to believe the company is well placed for further growth.”

At 1342 GMT, shares in EnSilica were up 5.87% at 79.4p.

Reporting by Josh White for Sharecast.com.