Sondrel (Holdings) plc Trading Update (1083Y)
28 12월 2023 - 11:52PM
UK Regulatory
TIDMSND
RNS Number : 1083Y
Sondrel (Holdings) plc
28 December 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the UK Market Abuse Regulation
28 December 2023
Sondrel (Holdings) plc
("Sondrel", the "Company" and together with its subsidiaries the
"Group")
Trading Update
Sondrel (AIM: SND), the fabless semiconductor business providing
turnkey services in the design and delivery of 'application
specific integrated circuits' ("ASICs") and 'system on chips'
("SoCs") for leading global technology brands, provides the
following trading update.
Although continued progress has been made with regard to the
ASIC project with a Tier 1 automotive OEM, GBP1.7m of payments for
the achievement of a significant milestone under the contract
initially expected to be received in December 2023 have been
subject to an unexpected delay and are now expected to be received
during January and February 2024. This automotive contract will not
now achieve the next milestone, being tape out, until late Q1 2024
and will require additional resource to complete, the funding for
which is currently under discussion with the customer.
Significant new ASIC business opportunities are in final
negotiation for project start in early 2024 and indications remain
encouraging that European and US market demand for Sondrel's
turnkey ASIC services is strong.
However, as a consequence of the above delay, the cash position
of the Group has further declined during December 2023. The Company
has been unable to meet December 2023 payroll in full and therefore
the Company's Directors and senior management have agreed to defer
their salaries and fees until such time as the delayed funds are
received. The Company has asked certain employees to defer on the
same basis, and is pleased that in excess of 67% of Group staff
have agreed to full deferral, with a significant additional number
agreeing to partial deferral.
With a view to managing Group liquidity, negotiations are
underway with suppliers to improve the terms of existing supply
arrangements. The Group will need to secure additional capital
prior to the end of March 2024 to provide a more permanent solution
to meet the Company's short-term working capital requirements.
However, should the delayed payments not be received through
January and February 2024, the Group will need to secure this
funding in shorter order.
Graham Curren, Chief Executive Officer of Sondrel,
commented:
"Whilst it is disappointing to see last minute hurdles
introduced into the automotive project, it is encouraging that
Sondrel's employees, suppliers and customers have continued to
support the business during this difficult period.
"We remain encouraged by the positive development of key
opportunities over Q4 2023 and we look forward to providing further
updates on new ASIC business opportunities at advanced stages of
negotiation in due course."
For further information:
Sondrel (Holdings) plc Via Buchanan
Graham Curren, CEO Tel: +44 (0) 20 7466
5000
Nick Stone, Interim CFO
Cavendish Capital Markets Limited Tel: +44 (0) 20 7220
0500
Ben Jeynes / Katy Birkin / George Lawson
- Corporate Finance
Michael Johnson - Sales
Buchanan Communications Tel: +44 (0) 20 7466
5000
Chris Lane sondrel@buchanan.uk.com
Stephanie Whitmore
Abby Gilchrist
About Sondrel
Sondrel is a UK-based fabless semiconductor company specialising
in high end, complex digital Application Specific Integrated
Circuits (ASICs) and System on Chips (SOCs). It provides a full
turnkey service in the design, prototyping, testing, packaging and
production of ASICs and SoCs.
The Company is one of only a few companies capable of designing
and supplying the higher-spec chips built on the most advanced
semiconductor technologies, selling into a range of hyper growth
end markets such as high-performance computing, automotive,
artificial intelligence, VR/AR, video analytics, image processing,
mobile networking and data centres. Sondrel designs have enabled
products by leading technology brands including Apple (iPhone),
Sony (PlayStation), Meta's (Oculus), Samsung, Google and Sony
smartphones, JVC (prosumer camcorders), Tesla and Mercedes-Benz
cars.
Sondrel is well-established, with a 20-year track record of
successful delivery, supported by long standing ecosystem
partnerships including Arm, TSMC and Samsung. Headquartered in the
UK, Sondrel has a global presence with offices in UK, USA, China,
India and Morocco.
For more information please visit: ir.sondrel.com .
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END
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December 28, 2023 09:52 ET (14:52 GMT)
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