Allenby Capital: EnSilica plc - Interims

EnSilica has put FY2025, when customer induced contract delays led to a slowing in revenues, firmly behind it. H1 FY2026 results released today illustrate that the high growth story is back on track with top line year on year (“yoy”) growth of 37% to £12.7m and a swing back into profitability. Most importantly, EnSilica reported record supply revenues, the income stream when chips it has designed move to production and create a long-term recurring revenue stream. At £3.9m, supply revenues increased 34% yoy and were the highest recorded in a 6m period. Our FY2026 (May year-end) forecasts remain in line with prior guidance, we expect revenues of £28.5m and EBITDA of £4.2m. We introduce FY2027 forecasts of revenues of £33.0m (+16%) and EBIT...