(Alliance News) - EnSilica PLC on Tuesday said Chief Financial Officer Matthew Wethey has stepped down from his position, while it secured an extended contract with an existing customer worth around USD1.3 million in further revenue across 2023 and 2024.

The Abingdon, Oxfordshire-based mixed signal chipmaker said Wethey played a "key role" in managing the company through to its initial public offering, including "preparing to scale the business and laying the foundations for future revenue growth" and thanked him for his contribution "during a period of significant operational change".

While it said it will make a further announcement on efforts to appoint a permanent successor, EnSilica announced the appointment of Chris Mann as interim CFO, effective immediately.

Mann is a chartered accountant with a wide range of finance leadership experience gained in listed and private company environments, EnSilica said, notably in businesses "undergoing progressive development and change".

Meanwhile, EnSilica on Tuesday also announced it extended the scope of work with an existing customer in the communication market for additional application specific integrated circuit design and production support.

It said the contract is now anticipated to generate an additional USD1.3 million in revenue from design and production work across its financial 2023, as well as its financial 2024.

It expects to realise first royalty revenues from the contract in December 2024, with total customer forecasted royalties over the following five years now estimated to increase from USD5 million to USD15 million over this five-year period.

Chief Executive Officer Ian Lankshear said: "This contract is a credit to the strength of our multidisciplined engineering team in delivering complex communication ASICs, including both RF and digital processing functionality, and serves as further evidence of the successful implementation of our strategy to generate long-term, reoccurring revenues streams for the business."

Shares in EnSilica were up 1.1% to 69.75 pence each in London on Tuesday morning.

By Greg Rosenvinge, Alliance News reporter

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