CML Microsystems PLC - Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors for communications markets - Says trading in the second half of its financial year ending March 31 has "justified the need for that mid-year caution", with some customers and channel partners continuing to reduce their inventory levels. Expects this to last into the second half of the calendar year. The knock-on effect of this has led to shipments from its core CML business being lower than previously expected, it adds. However, it says the revenue contribution from MwT has been very positive under its first period of ownership and has been "above management expectations."
"The additional MwT shipments have somewhat compensated for the protracted inventory situation," it says. Full year revenue expectations are now close to GBP23 million, which is broadly in line with the firms expectations and 11% higher from GBP20.6 million in financial 2023.
Current stock price: 317.84 pence, down 15%
12-month change: down 40%
By Sabrina Penty, Alliance News reporter
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CML Microcircuits (CML)