Last checked at 17 Feb 2023 07:00
17 February 2023
CML Microsystems Plc
("CML", the "Company" or the "Group")
Oval Park Planning Progress
State of the art business hub planned for land excess to CML's trading requirements at its current 29-acre site
CML Microsystems Plc, which develops mixed-signal, RF, and microwave semiconductors for global communications markets, is pleased to announce that conditional planning approval has been granted at its current 29-acre site located at Oval Park, Maldon.
On 26 September 2022, the Company announced that it had signed sale contracts with two separate parties, subject to planning permission. At a meeting of the Maldon District Council on 16th February 2023, conditional planning approval was granted on all four planning applications relating to the development of Oval Park (Application numbers 2200840FUL, 2200858FUL, 200841OUT and 2200837FUL). Final approval is subject to the completion of the necessary Section 106 Unilateral Undertakings relating to the payment of a financial contribution towards the County Council's costs of monitoring a Travel Plan. The decision notices granting planning permission should be issued once the Unilateral Undertakings are complete which is expected shortly.
The transformation of the brownfield Oval Park site is expected to bring over 200 jobs to the district by 2024 and potentially many more in the following years. Two world-leading organisations, Maldon Crystal Salt company and Tecniq, plan to relocate to the site providing the cornerstone of the development of Oval Park.
Works on the site are expected to commence this Autumn.
Nigel Clark, Chairman of CML Microsystems commented:
"This transaction yields funds from an underutilised asset which will benefit the business moving forward. It underpins the Group's well publicised strategy as a pure play semiconductor business with a sole focus on global communications markets."
Enquiries:
CML Microsystems Plc Chris Gurry, Group Managing Director Nigel Clark, Executive Chairman
| www.cmlmicroplc.comTel: +44 (0) 1621 875 500 |
Shore Capital (Nominated Adviser and Broker) Toby Gibbs James Thomas John More Fiona Conroy (Corporate Broking)
| Tel: +44 (0) 20 7408 4090 |
Alma PR Josh Royston Andy Bryant Matthew Young
| Tel: +44 (0)20 3405 0205
|
About CML Microsystems PLC
CML develops mixed-signal, RF and microwave semiconductors for global communications markets. The Group utilises a combination of outsourced manufacturing and in-house testing with trading operations in the UK, Asia and USA. CML targets sub-segments within Communication 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 commercial and industrial product manufacturers.
The spread of its customers and diversity of the product range 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 appetite for data to be transmitted faster and more securely, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial wireless networks for voice and/or data communications linked to the industrial internet of things (IIoT).
The Group is cash-generative, has no debt and is dividend paying.