Reading’s Sondrel reports 116 per cent revenue growth

Published by

Sam Pither

iStock

Sondrel, a Reading-based global designer and supplier of semiconductors, has reported 116 per cent year-on-year growth in a trading and business update for the 2022 financial year.

This has taken its revenue up to £17.5 million from £8.1 million in financial year 21. Sondrel has also reported a record number of new orders received, growing more than 130 per cent year-on-year to reach an aggregate value of £25.6 million.

Highlights for the year include a maiden post-IPO design tape out for an Edge AI hardware accelerator solutions provider in January 2023 and new design wins that are in line with Board expectations. Sondrel is also making significant progress on a material turnkey ASIC engagement for a Tier 1 OEM automotive customer.

Graham Curren, CEO of Sondrel, commented: "In our first trading statement since our IPO I'm pleased to report that we have delivered strong revenue growth, with design wins in line with our expectations. We have started to deliver on our growth strategy as set out at our IPO and progress has already been made in expanding our operations in the United States.

“I'm especially pleased to see such a strong adoption of our ASIC services by customers, old and new, as evidenced by the recently announced tapeout of an Edge AI ASIC project, production for which is potentially worth $20 million to the Group over 3 years. In addition, our engagement with a new company to finalise its ASIC design and tape out demonstrates the strength of our offering.

“Many of our customers are increasingly optimistic about their market opportunities and I am looking forward to working with them to deliver significant production volumes as we seek to achieve our medium term target of revenues of over £100 million."

Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset. A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise. Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.