CML Microcircuits Share News (CML)

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265.00 0.00 (0.00%)

Bid:

260.00

Ask:

270.00

Spread: 10.00 (3.846%)

Market Cap: £44.15m

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CML Microsystems shares up on planning approval for Oval Park site

Fri, 17th Feb 2023 09:25

(Alliance News) - CML Microsystems PLC shares rose early Friday, after it said conditional planning approval has been granted at its current 29-acre site located at Oval Park in Maldon.

CML is an Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors for global communications markets. Its shares were up 5.1% to 578.00 pence each in London on Friday morning.

In September, CML announced plans to create over 200 employment opportunities at its 29-acre Oval Park site by 2024. It said the development will house offices, warehousing and research & development facilities, as well as Maldon Crystal Salt Co Ltd and Tecniq Ltd, which will both relocate to the site.

Maldon Salt is a salt brand founded in Maldon, near the Essex coast, whilst Tecniq is a design and technology lead manufacturing company working for car manufacturers.

At the time, it submitted planning applications to Maldon District Council.

On Friday, CML said it has been granted conditional planning approval on all four planning applications relating to the development of Oval Park. Final approval is expected "shortly".

Chair Nigel Clark said: "This transaction yields funds from an underutilised asset which will benefit the business moving forward. It underpins the group's well publicised strategy as a pure play semiconductor business with a sole focus on global communications markets."

By Sophie Rose, Alliance News reporter

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