(Alliance News) - CML Microsystems PLC on Wednesday said it is confident that it will report a "firm improvement", both operationally and financially, during its current financial year.
Shares in the Essex, England-based semiconductor developer were up 4.6% to 421.44 pence each in London on Wednesday mid-morning.
CML Microsystems said it has entered its new financial year, to March 31, 2023, with a "healthy" order book and a "strong" pipeline of opportunities. In the opening four months, it has traded comfortably ahead of the comparable period last year, it added.
The company noted that it plans to release several new products in the coming months, in line with its strategy to widen its addressable market. It expects the new products to start contributing to revenue during the following year.
CML Microsystems added that it has submitted planning applications for the commercial development of land at its 28-acre head office site in Essex. If successful, the company expects this to generate "significant" cash inflow.
Looking ahead, CML Microsystems said it expects to show a "firm improvement", both operationally and financially, in its current financial year.
In financial year 2022, CML Microsystems reported revenue of GBP17 million and pretax profit of GBP1.7 million, sharply up from a pretax profit of GBP10,000 a year prior.
By Sophie Rose; sophierose@alliancenews.com
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CML Microcircuits (CML)