CML Microsystems Plc (“the Group”), which designs, manufactures and markets mixed-signal and RF semiconductors, primarily for global communication and solid state storage markets, today issues the following trading update. This update refers to the Group’s trading performance for the period from 1 October 2016 to 31 March 2017.
It is pleasing to report that the business has performed well over the second half of the financial year. Unaudited figures indicate revenue for the full year was above £27.6m, with profit before tax ahead of market expectations at circa £4.2m. Cash generation continued to be healthy resulting in a net balance of £12.4m at 31 March 2017.
New order bookings were firm through the period with a pleasing contribution from the Sicomm business, acquired during the first half of the year. Planned investments in customer facing personnel and related activities gathered pace towards the end of the year.
The Company will announce its full year audited results on Tuesday, 13 June 2017 along with a more detailed report on the progress being made.
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
About CML Microsystems PLC
CML designs and develops semiconductors for the industrial storage and communications markets. The Group utilises a combination of in-house and outsourced manufacturing and has trading operations in Europe, the Far East and USA. CML targets niche markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world’s leading telecoms equipment providers and industrial product manufacturers.
The spread of its customers and products largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the ever increasing trend towards solid state storage devices in the commercial and industrial sectors, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial communications networks for voice and/or data communications linked to the industrial internet of things (IIoT).
The Group is cash-generative, has no borrowings and is dividend paying.
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