CML Microcircuits Regulatory News (CML)

02 August 2017

CML Microsystems Plc

("CML" or "the Group")

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 Pontlands Park, Chelmsford, Essex. 

Subsequent to the formal proceedings of the AGM the following update on current trading was read to shareholders by the Chairman:

Interim management statement

This statement relates to the period from 1 April 2017 to 2 August 2017 and embraces the unaudited results for the Group's opening trading quarter for the financial year ending 31 March 2018.

Trading update and outlook

As anticipated, the first few months of the current financial year have shown positive results. The Group's order bookings have remained strong and the outlook for the year remains consistent with market expectations for both the first half and full year trading periods.

As previously mentioned in the Full Year Results statement for the year ended 31 March 2017, we commenced the current financial year with a higher cost base following prior year investments in headcount and R&D, however with the right teams and structure in place the enlarged Group continues to deliver revenue and profit growth.

We remain confident in our ability to deliver another year of profitable growth.

About CML Microsystems PLC

CML designs and develops semiconductors for the industrial storage and communications markets. The Group utilises a combination of in-house and outsourced manufacturing and has trading operations in Europe, the Far East and USA. CML targets niche markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue chip customer base, including some of the world's leading telecoms equipment providers and industrial product manufacturers.

The spread of its customers and products largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the ever increasing trend towards solid state storage devices in the commercial and industrial sectors, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial communications networks for voice and/or data communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no borrowings and is dividend paying.