Last checked at 27 Jul 2016 11:40
CML Microsystems Plc
Interim Management Statement
CML Microsystems Plc ("CML" or "the Group"), which designs, manufactures and markets mixed-signal and Radio Frequency (RF) semiconductors, primarily for global communication and solid state storage markets, today held its Annual General Meeting at Essex County Cricket Ground, Chelmsford, Essex.
Subsequent to the formal proceedings of the AGM and in accordance with the UK Listing Authority's Disclosure and Transparency Rules, the following Interim Management Statement was read to shareholders by the Chairman:
Interim Management Statement
This statement relates to the period from 1 April 2016 to 27 July 2016 and embraces the unaudited results for the Group's opening trading quarter for the financial year ending 31 March 2017.
Trading update and outlook
In summary this initial period has progressed as anticipated, with gross margins continuing at more or less the same levels as last year, operating costs tracking expectations and overall operating results being in line with our internal forecasts. Pleasingly the order book remained strong throughout the period and consequently the board currently remains confident of meeting market expectations for both the first half and full year trading periods.
Investment in product development activities continued and cash had increased on that held at 31st March 2016 prior to payments made following the completion of the Sicomm acquisition on 26 July 2016.
There have been no other material events or transactions since 1 April 2016.
The information contained within this announcement is deemed by the Group to constitute inside information under the Market Abuse Regulations (EU) No. 596/2014.
CML Microsystems Plc www.cmlmicroplc.com
Chris Gurry, Group Managing Director Tel: +44(0)1621 875 500
Neil Pritchard, Group Financial Director
Cenkos Securities plc Tel: +44(0)207 397 8900
Jeremy Warner Allen (Sales)
Max Hartley (Corporate Finance)
SP Angel Corporate Finance LLP Tel: +44(0)203 463 2260
Jeff Keating
Walbrook PR Ltd Tel: +44(0)203 7933 8780 / cml@walbrookpr.com
Paul McManus
Helen Cresswell