CML Microsystems PLC Trading Update and Notice of Results (8895Y)
14 May 2019 - 4:00PM
UK Regulatory
TIDMCML
RNS Number : 8895Y
CML Microsystems PLC
14 May 2019
14 May 2019
CML Microsystems Plc
Trading Update and
Notice of Results
CML Microsystems Plc (the "Group" or the "Company"), which
designs, manufactures and markets semiconductors, primarily for
global communication and solid state storage markets, today issues
the following trading update ahead of the publication of its
financial results for the 12 months ended 31 March 2019.
Trading Update
The Company expects to report revenue for the full year of circa
GBP28 million. This represents a decrease of 11% against the prior
full year period which is marginally better than reported in the
trading update announced on 1 February 2019. Unaudited full year
figures show a profit before tax of close to GBP3m. The Group
retains a robust balance sheet with a net cash position of GBP12.8
million at 31 March 2019.
Trading in the first few weeks of the new financial year has
been similar to that experienced in the preceding few months, with
market and geopolitical headwinds continuing to affect
performance.
A key new Storage product release took place in February 2019
and is currently being evaluated by a number of early adopter
customers prior to full production release. This product
significantly increases the size of the Group's serviceable market
and is expected to be a major growth contributor in future
years.
The growing product portfolio and our expanded global sales
coverage is driving the value of the Group's sales opportunity
pipeline significantly higher. Despite the challenges associated
with current market dynamics, the Board believes that the Company
remains very well placed to benefit as these external situations
normalise.
A more detailed analysis of the Company's performance and an
outlook will be provided within the announcement of full year
preliminary results on Tuesday, 11 June 2019.
CML Microsystems Plc www.cmlmicroplc.com
Chris Gurry, Group Managing Tel: +44(0)1621 875 500
Director
Neil Pritchard, Group Financial
Director
Shore Capital Tel: +44(0)20 7408 4090
Edward Mansfield
James Thomas
SP Angel Corporate Finance Tel: +44(0)203 463 2260
LLP
Jeff Keating
Alma PR
Josh Royston Tel: +44 (0)7780 901979
Caroline Forde
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 a net cash position and is
dividend paying.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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