CML Microcircuits Share News (CML)

CML Microsystems, which manufactures semiconductors, narrowed losses for the year as the value of its semiconductors increased.Pre-tax losses came in at £386,000 against the loss of £2m last year as revenues rose 12% to £18.02m.The group said the increase reflected marginal percentage growth in the value of semiconductors shipped into its largest market segment, wireless, coupled with stronger unit shipment growth from the storage segment.The strengthening of the US dollar against sterling also helped sales.CML has undergone difficult trading over the past few years, 'one of the most turbulent multi-year periods during its long history,' the company said. The company has cut costs during these tough times, with staff numbers falling to 170 from 230 over the past year."Our focus for FY2011 is to maintain operating costs in the region of existing levels, leverage the ongoing investment in new product developments and continue to grow our customer base in pursuit of sustainable growth in revenue and a return to annual profitability," said the group.The group said it will not pay any dividends as it considers the reduction of its debt as its main priority.