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CML Microsystems Plc held its Annual General Meeting on August 10, 2022. Executive Chairman Nigel Clark reported that trading for the opening four months was ahead of the prior year comparable period. The company also confirmed it had submitted planning applications for the commercial development of excess land at its 28-acre Essex headquarters site.
| Date | 10 Aug 2022 |
| Time | 07:33:18 |
| Category | AGMs and other meetings |
| ID | 5379V |
10 August 2022
CML Microsystems Plc
("CML", the "Company" or the "Group")
AGM Statement
CML Microsystems Plc, which develops mixed-signal, RF and microwave semiconductors for global communications markets, will hold its Annual General Meeting today at 11.00 am at which Nigel Clark, Executive Chairman, will provide the following trading update:
Trading Update
We entered the new financial year with a healthy order book and a strong pipeline of future opportunities. We have made good progress so far, with trading for the opening four months comfortably ahead of the prior year comparable period.
Our enhanced strategy to widen the addressable market is gathering pace and activities to capture share of new market application areas remains a priority focus. In support of this, several new product releases are scheduled across the coming months that are projected to start contributing to revenues during the following year.
As expected, planning applications have now been submitted for the commercial development of excess land at the Group's 28-acre Essex headquarters site and, if successful, this could generate a significant cash inflow for the Group.
After experiencing an encouraging start, the Board remains of the view that full year trading to 31 March 2023 will show a firm improvement, both operationally and financially.
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CML Microsystems Plc Chris Gurry, Group Managing Director
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www.cmlmicroplc.com |
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Shore Capital Toby Gibbs James Thomas John More Fiona Conroy
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Tel: +44(0)20 7408 4090 |
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Alma PR Josh Royston Andy Bryant Matthew Young |
Tel: +44 (0)20 3405 0212
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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.