Directorate Change

RNS Number : 8728U

CML Microsystems PLC

27 November 2019

 

CML Microsystems Plc

(The "Company" or the "Group")

Director change

CML Microsystems Plc, which designs, manufactures and markets semiconductor solutions primarily for global communication and solid state storage markets, announces that Neil Pritchard, Group Financial Director, has resigned from the Group, in order to pursue other career opportunities.

The Board has begun a process to appoint a successor and a further announcement will be made in due course.

Neil will remain as a Board member with the Group, in his current role, for a period of time to support the business during the recruitment process.

Nigel Clark, Group Non-Executive Chairman of CML Microsystems said:

"On behalf of the Board, I wish to thank Neil, a highly competent and delightful colleague, for his dedication and invaluable contribution to the Group's development. Neil has worked tirelessly since joining the Group in 2015 and we wish him well in the future."

CML Microsystems Plc Chris Gurry, Group Managing Director Nigel Clark, Non-Executive Chairman	www.cmlmicroplc.com Tel: [phone]
Shore Capital Edward Mansfield James Thomas	Tel: [phone]
SP Angel Corporate Finance LLP Jeff Keating	Tel: [phone]
Alma PR Josh Royston Caroline Forde	Tel: [phone]

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.

 

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