Ensilica scores additional ASIC design and supply contract with Siemens

12th Sep 2024 09:08

(Sharecast News) - Chip maker Ensilica said on Thursday that it has been awarded an additional ASIC design and supply contract by multinational technology conglomerate Siemens.

Ensilica said the non-recurring engineering component of the contract will commence in 2025, with the initial production phase expected to start in Q427.

The AIM-listed group highlighted that the contract win supports current market expectations for both the current financial year and the next.

Chief executive Ian Lankshear said: "We are proud to have been awarded an additional ASIC design and supply contract with Siemens, one of the market leaders in the fast-growing segment of process automation. The award of this contract further reinforces our reach within the industrials sector, alongside enhancing our reputation for being an ASIC partner of choice."

As of 1040 BST, Ensilica shares had rallied 7.96% to 52.90p.

Reporting by Iain Gilbert at Sharecast.com