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Sondrel CEO steps down as chip firm faces re-organization
By Peter Clarke, eeNews Europe (April 7, 2024)
Graham Curren, is standing down as CEO of loss-making ASIC design services company Sondrel Holdings plc. The company has received financial support from ROX Equity Partners Ltd. and is now set to return to private ownership.
After nearly 23 years leading Sondrel, Curren is being replaced by David Mitchard who comes in as interim CEO. Mitchard was previously managing director of Maritime Services at BAE Systems. Via a posting on Linkedin Curren said he intends to form a subsidiary company called Sondrel Ventures that will focus on strategy and business development.
In the first half of 2023 Sondrel made a loss before tax of £2.0 million on revenue of £9.3 million. Since then the company has had to contend with cash-flow challenges after a tape-out for a tier-one automotive customer was delayed towards the end of 2023. A consensus analyst forecast had expected Sondrel to achieve FY23 revenues of £13.0 million and an adjusted loss before tax of £6.0 million.
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