(Alliance News) - CML Microsystems PLC on Tuesday reported profit growth in its latest half year, as it noted high inflation and a difficult backdrop in the semiconductor market.
The Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors for communications markets said in the six months to September 30, pretax profit rose 2.3% to GBP1.9 million from GBP1.8 million the prior year.
Revenue grew 5.3% to GBP10.6 million from GBP10.0 million. "Amidst an inflationary environment, global economic uncertainty and a backdrop of several industry commentators predicting the semiconductor market will shrink by double-digit percentage points in 2023, the delivery of revenue growth through the first six-month period is a pleasing outcome and serves to highlight the resilience of our business," CML Microsystems said.
The company maintained its interim dividend of 5 pence per share.
Managing Director Chris Gurry said: "The financial and operational progress made during the period has been pleasing and gives the board a great deal of confidence as we continue to deliver value to our shareholders."
Chair Nigel Clark said: "Notwithstanding the macroeconomic environment, the board has confidence in the strategy being followed and believes the robustness of our business model and a continued focus on sustainable growth will deliver a meaningful uplift in performance beyond the current year."
CML Microsystems shares fell 5.9% to 358.50 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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CML Microcircuits (CML)