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20 Feb 2009 07:00
CML Microsystems Plc
Interim Management Statement
CML Microsystems Plc today issues its Interim Management Statement as required by the UK Listing Authority's Disclosure and Transparency Rules:
The softer trading conditions reported at the time of the Interim results in November 2008 have continued through the period and reflect the uncertain outlook from customers across our main market segments and in most of our geographic regions.
Semiconductor shipments into wireless and storage markets continued to represent the majority of Group revenues whilst, geographically, sales to Far East territories were the most dominant.
Most of the Group's revenues are denominated in US dollars and the period under review benefited from the effects of dollar/sterling exchange rate movements. This was somewhat offset by the stronger Euro negatively impacting costs at our German subsidiary.
Following the interim results announcement, certain cost reduction measures were initiated with the clear objective of better aligning operating expenses with anticipated business levels. Whilst this is expected to have a negative financial impact during this final quarter, we remain on track to meet current market expectations for the year to 31 March 2009.
There have been no other material events or transactions since 1 October 2008.
Whilst trading continues to be difficult and visibility remains at low levels, the actions the board is taking are expected to ensure that the Group is best placed to capitalise on opportunities as and when conditions improve.
20 February 2009
Enquiries:
CML Microsystems Plc
Chris Gurry, Managing Director Tel: 01621 875500
Nigel Clark, Financial Director
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