Final Results

RNS Number : 5972N

CML Microsystems PLC

15 June 2010

 



CML MICROSYSTEMS Plc

PRELIMINARY RESULTS

CML Microsystems Plc ("CML"), which designs, manufactures and markets a broad range of semiconductors, primarily for global communication and data storage markets, announces its Preliminary Results for the year ended 31 March 2010.

Commenting on the results, George Gurry, Chairman of CML, said:

"I am pleased to report an improved financial performance given the difficult trading conditions that were present through a large part of the year. The Interim Statement during November 2009 commented on my belief that actions being taken would further our aims for a return to profitability and I can report the Group traded positively during the second half."

Financial Highlights:

·     Revenue up 12.0% to £18.02m (2009: £16.09m)

·     Gross profit up 22.5% to £12.49m (2009: £10.2m)

·     Profit before tax of £21,000 (2009: Loss of £1.78m)

·     Loss per share of 0.16p (2009: Loss of 14.29p)

·     Net cash inflow of £1.78m (2009: outflow £0.69m)

·     Cash reserves at 31 March 2010 of £3.88m

·     Net debt position reduced to £2.09m (2009: £3.78m)

·     No dividend

Operational highlights:

·     Wireless: (41% of revenues) - up 3%, FirmASIC products gained traction, RF portfolio expanded.

·     Storage: (40% of revenues) - up 40%, reduced customer dependency, new design wins to widen applications.

·     Telecom: (13% of revenues) - fractionally down, opportunities to take market share from competition.

Regarding outlook, Chris Gurry, Managing Director of CML, said:

"The healthier visibility reported in the IMS of 16 February 2010 has continued beyond the year end and it is hoped that recent trading conditions can be maintained and built upon in the course of the current financial year. Our focus for FY2011 is to maintain operating costs in the region of existing levels, leverage the ongoing investment in new product developments and continue to grow our customer base in pursuit of sustainable growth in revenue and a return to annual profitability."

Enquiries:

CML Microsystems plc	www.cmlmicroplc.com
Nigel Clark, Financial Director	Tel: [phone]
Chris Gurry, Managing Director
Cenkos Securities plc
Jeremy Warner Allen (Sales)	Tel: [phone]
Stephen Keys (Corporate Finance)
Walbrook PR Ltd	Tel: [phone]
Paul McManus	Mob: [phone] [e-mail]

Chairman's Statement

I am pleased to report an improved financial performance given the difficult trading conditions that were present through a large part of the year. The Interim Statement during November 2009 commented on my belief that actions being taken would further our aims for a return to profitability and I can report the Group traded positively during the second half.

Revenue rose by 12% to £18.02m. Tight control of expenses and healthier margins enabled the Group to post a profit of £21k at the operating level (prior to share based payments, finance costs and taxation), which compares to a loss of £1.77m for the previous year.

The Group generated over £1.7m of cash and the reported loss per ordinary share is 0.16p (2009: 14.29p loss per share).

Prior to 2008, the Company declared payment of a dividend in each of the 24 years it traded as a public company. Despite the pleasing second half performance your Directors consider that the priority is to reduce Group debt through improved trading and conclude that payment of a dividend would not be an appropriate use of resources at this present time. 

The directors therefore do not recommend payment of a dividend for the year ending 31 March 2010.

Within the financial statements, other operating income relates predominantly to UK freehold commercial properties that the Group owns and leases to third parties. The Board continued to devote appropriate resources to realising capital value from these assets although no transactions occurred during the year under review.

As reported in a statement released 29 March 2010, the Board is proposing to adopt a standard listing under the FSA's revised listing rules and a circular will be sent to shareholders later this month.

Prospects

The Company has experienced one of the most turbulent multi-year periods in its long history. During this time we have improved gross margins, streamlined the cost base, and strategically expanded our addressable market area while continually investing in the key product development programs that will help drive our future growth. As a result of the ongoing commitment and contribution from our global employee base, the Company is well placed to capitalise on the opportunities ahead. On behalf of the Board I would like to thank them for the vital role they play.

Subject to unforeseen circumstances, I have confidence that we will see a present full year return to profitability.

 

GW Gurry

Chairman                                                                                                                                14^th June 2010

 

Operating and Financial Review

OVERVIEW

Throughout the year to 31March 2010 we continued the drive towards our ultimate objective for sustainable business growth.

We increased revenues in our major target markets by continuing to define, develop and deliver high-quality, innovative semiconductor solutions to our customers, enabling them to produce world-class products for global communications and data storage applications.  We increased our customer base and the size of our total addressable markets by releasing a number of new devices offering compelling solutions to real world commercial and technical issues.

Trading for the full year to 31 March 2010 comprised two materially different six-month periods. The weak market environment to 30 September 2009 subsequently translated into a firmer second half performance enabling the business to recover a substantial amount of the losses that were reported at the interims.

By the year-end, market conditions within certain segments had reached an improved level and order book visibility extended beyond the prevailing four to six week timeframe.

Throughout the period, we continued with forward-looking new product development expenditure whilst maintaining focus on the cost efficiencies initiated over the prior two years.

FINANCIAL RESULTS

Group revenues for the year ended 31 March 2010 were £18.02m representing an increase of 12% over the prior year (2009: £16.09m). This increase reflected marginal percentage growth in the value of semiconductors shipped into the Group's largest market segment, wireless, coupled with stronger unit shipment growth from the storage segment. The strengthening of the US dollar against sterling positively assisted reported sales levels.

Gross profit for the year was £12.49m (2009: £10.2m), an increase of 22%. The overall gross margin improved to 69% (2009: 63%) as a combined result of product mix and cost efficiencies initiated during the prior year. 

Distribution and administration costs increased to £13.03m (2009: £12.47m) predominantly due to a loss on foreign exchange being recorded of £318k against a prior year profit of £1m. One inter group loan accounted for a large proportion of the year on year swing and, prior to the year end, currency exposure was removed by placing the loan with the operating company to which it relates and denominating it in the local currency.

Net finance costs increased to £303k (2009: £218k) as a result of lower interest income and higher pension finance costs.

The higher revenue level and improved gross margin narrowed the reported loss before tax to £386k (2009: £2.09m loss).

Net cash inflow for the year was £1.78m (2009: outflow £0.69m) resulting in cash reserves of £3.88m at 31 March 2010. The Group's net debt position was £2.09m (2009: £3.87m).

Inventory levels increased slightly to £1.49m (2009: £1.37m) in response to improved sales levels whilst capital expenditure remained negligible at £49k (2009: £66k).

Overall, the Company received a net tax refund of £237k, principally due to R&D tax credits from an ongoing extensive engineering program.

Development expenses fell to £2.82m (2009: £3.97m) following a headcount reduction during the previous financial year and lower development costs associated with certain proprietary software configurable silicon platforms. A number of customer-specific programs complemented a healthy level of standard new product introductions and development activities.

The effect on the income statement of accounting for pensions under international accounting standards (as opposed to cash accounting) was to decrease the administration costs by £105k (2009: increase of £391k) and to increase the finance costs by £117k (2009: income of £72k). Net assets fell to £12.12m (2009: £14.79m) mainly due to a pension fund liability increase that grew to £5.73m (2009: £1.99m) despite a £2.2m improvement in the value of the plan assets. This increase in liability is a result of significant changes in the principal actuarial assumptions used. The scheme has been closed to new entrants for a number of years and was closed in respect of future accruals to existing members on 31 March 2009.

 

MARKETS REVIEW

Wireless

During the year under review, the Group developed and marketed semiconductor devices performing a range of functions within customer end products that serve sub-segments of the overall wireless communications market. These customer products include voice-centric professional, business and leisure two-way radios along with data-only paging, marine safety (AIS) and narrowband wireless equipment. Our customer base was global and included a number of military accounts.

Sales revenue from the wireless segment overall was marginally up against the prior year with the largest contributing territories being the Far East and Europe. Notable gains were recorded from our proprietary FirmASIC technology and we continued to take market share in the large and mature analogue two way radio market whilst simultaneously positioning ourselves to be a leading technology supplier for the newer digital radio standards as they emerge.

The early stage RF product portfolio expanded to include quadrature modulator, transceiver and direct conversion products and we continued to build a good reputation in this key market area.

Storage

Within the storage market, the prominent applications for our semiconductors were inclusion within removable memory cards and solid-state drive products in varying form factors. Customer products containing our IC's were typically used as an alternative to rotating hard disk media in commercial and industrial application areas that demand high-reliability under arduous operating conditions.

Volume and revenue growth in this segment was particularly strong and came from a combination of existing and new customers. Advances were recorded in all major regions although geographically, the majority of revenue came from customers headquartered in the USA.

The Company achieved a number of design-wins inside customer products aimed at emerging opportunities for secure storage cards within the mobile financial services sector and content protection facilities for the software industry.

New product development resources were directed at standard products that will expand our total addressable market and were complemented by a number of customer-specific programs expected to start generating meaningful revenues over the next twelve to eighteen months.

Telecom

Unit shipments into the telecom segment were flat year on year and did not follow the Group's overall trading pattern of a stronger second half. We saw encouraging signs that the newer devices within the product range were starting to create momentum at the expense of the legacy product portfolio although visibility within this market area remained variable.

Customers located in Europe and the Far East comprised the majority of revenues from this segment. Applications were numerous and included industrial wireline communication modules, commercial alarm panels, telephone exchanges and dial-up modems for the healthcare industry.

Equipment

The Group's non-semiconductor division, RDT, suffered a reduction in revenues to £722k (2009: £979k) as a result of the economic conditions in the UK delaying the placement of commercial orders for CCTV transmission equipment.

The market showed early signs of improvement just prior to the financial year end although forward order book visibility remained at low levels through the period end.

New product developments were focussed on expanding the addressable sub market application areas for wireless video systems and data transmission products.

Sales recorded from the wireless and storage segments accounted for 80% of Group revenues. Overall, no single customer accounted for more than 10% of Group revenues and only two customers accounted for more than 5%.

 

SUMMARY AND OUTLOOK

Notwithstanding the recording of a trading loss, the year under review resulted in a better outcome than expected at the midway point and a significant sequential improvement. The effects of global economic events on our markets improved during the second half and, coupled with a lower cost base and higher gross margin, the Company made satisfactory progress.

The healthier visibility reported in the IMS of 16 February 2010 has continued beyond the year end and it is hoped that recent trading conditions can be maintained and built upon in the course of the current financial year. Our focus for FY2011 is to maintain operating costs in the region of existing levels, leverage the ongoing investment in new product developments and continue to grow our customer base in pursuit of sustainable growth in revenue and a return to annual profitability.

In closing I would like to echo the Chairman's comments and thank each and every one of our employees for their loyal support and vital contribution to the future success of the Company.

C.A. Gurry

Managing Director

CML Microsystems Plc

Condensed Consolidated Income Statement

	Unaudited		Audited
Continuing operations	Year End  31 March 2010		Year End 31 March 2009
	£'000		£'000
Revenue	18,023		16,089
Cost of sales	(5,533)		(5,887)
Gross Profit	12,490		10,202
Distribution and administration costs	(13,032)		(12,466)
	(542)		(2,264)
Other operating income	563		489
Profit/(loss) before share based payments	21		(1,775)
Share based payments	(104)		(101)
Loss after share based payments	(83)		(1,876)
Revaluation of investment properties	-		5
Finance costs	(307)		(333)
Finance income	4		115
Loss before taxation	(386)		(2,089)
Income tax credit/(expense)	363		(47)
Loss after taxation attributable to equity owners of the Parent	(23)		(2,136)
Loss per share
Basic	(0.16)p		(14.29)p
Diluted	(0.16)p		(14.29)p

Condensed Consolidated Statement of Comprehensive Income

	Unaudited		Audited
	Year End 31 March 2010		Year End 31 March 2009
	£'000
Loss for the year	(23)		(2,136)
Other comprehensive income:
Foreign exchange differences	(69)		397
Actuarial loss on retirement benefit obligations	(3,726)		(1,671)
Income tax on actuarial loss	1,043		507
Net loss for the year directly recognised in equity/other comprehensive income	(2,752)		(767)
Total comprehensive income for the year	(2,775)		(2,903)

CML Microsystems Plc

Condensed Consolidated Statement of Financial Position

	Unaudited		Audited
	31 March 2010		31 March 2009
	£'000		£'000
Assets
Non current assets
Property, plant and equipment	5,304		5,931
Investment properties	3,850		3,850
Development costs	4,189		5,192
Goodwill	3,512		3,512
Deferred tax asset	3,097		2,019
	19,952		20,504
Current assets
Inventories	1,489		1,366
Trade receivables and prepayments	2,802		2,504
Current tax assets	142		355
Cash and cash equivalents	3,883		2,192
	8,316		6,417
Non current assets classified as held for sale - properties	441		468
Total assets	28,709		27,389
Liabilities
Current liabilities
Bank loans and overdrafts	5,968		6,062
Trade and other payables	2,680		2,069
Current tax liabilities	38		15
	8,686		8,146
Non current liabilities
Deferred tax liabilities	2,172		2,459
Retirement benefit obligation	5,728		1,990
	7,900		4,449
Total liabilities	16,586		12,595
Net Assets	12,123		14,794
Capital and reserves attributable to equity owners of the Parent
Share capital	747		747
Share premium	4,148		4,148
Share based payments reserve	255		151
Foreign exchange reserve	374		443
Accumulated profits	6,599		9,305
Shareholders' equity	12,123		14,794

 

CML Microsystems Plc

Condensed Consolidated Cash Flow Statement

	Unaudited		Audited
	Year End 31 March 2010		Year End 31 March 2009
	£'000		£'000
Operating activities
Net loss for the year before income taxes	(386)		(2,089)
Adjustments for:
Depreciation	661		437
Amortisation of development costs	3,750		4,183
Movement in pensions deficit	(105)		319
Share based payments	104		101
Interest expense	307		333
Interest income	(4)		(115)
Decrease in working capital	183		132
Cash flows from operating activities	4,510		3,301
Income tax refunded	237		225
Net cash flows from operating activities	4,747		3,526
Investing activities
Purchase of property, plant and equipment	(49)		(66)
Investment in development costs	(2,815)		(3,969)
Disposals of property, plant and equipment	9		38
Interest income	4		115
Net cash flows from investing activities	(2,851)		(3,882)
Financing activities
(Decrease)/increase in short term borrowings	(62)		987
Interest expense	(190)		(333)
Net cash flows from financing activities	(252)		654
Increase in cash and cash equivalents	1,644		298
Movement in cash and cash equivalents:
At start of year	2,192		1,891
Increase in cash and cash equivalents	1,644		298
Effects of exchange rate changes	47		3
At end of year	3,883		2,192

CML Microsystems Plc

Condensed Consolidated Statement of Changes in Equity

Unaudited	Share Capital		Share Premium	Share Based Payments				Foreign Exchange Reserve	Accumulated Profits	Total
	£'000		£'000	£'000				£'000	£'000	£'000
At 31 March 2008	747		4,148	50				46	12,605	17,596
Loss for year									(2,136)	(2,136)
Other comprehensive income:
Foreign Exchange differences								397		397
Defined benefit pension scheme									(1,671)	(1,671)
Tax on defined benefit pension scheme									507	507
Total comprehensive income for the year	-		-	-				397	(3,300)	(2,903)
	747		4,148	50				443	9,305	14,693
Transactions with owners in their capacity as owners:
Share based payments				101						101
At 31 March 2009	747		4,148	151				443	9,305	14,794
Loss for year									(23)	(23)
Other comprehensive income:
Foreign Exchange differences								(69)		(69)
Defined benefit pension scheme									(3,726)	(3,726)
Tax on defined benefit pension scheme									1,043	1,043
Total comprehensive income for the year	-		-	-				(69)	(2,706)	(2,775)
	747		4,148	151				374	6,599	12,019
Transactions with owners in their capacity as owners:
Share based payments
				104						104
At 31 March 2010	747		4,148	255				374	6,599	12,123

CML Microsystems Plc

Notes to the condensed financial statements

1. Segmental Analysis

Information about Profit/loss, assets and liabilities

	Unaudited					Audited
	Year End					Year End
	31 March 2010					31 March 2009
	Equipment			Semi-conductor components	Group	Equipment	Semi-conductor components	Group
	£'000			£'000	£'000	£'000	£'000	£'000
Revenue
By origination	722			28,257	28,979	979	20,928	21,907
Inter-segmental revenue	-			(10,956)	(10,956)	-	(5,818)	(5,818)
Segmental revenue	722			17,301	18,023	979	15,110	16,089
Profit/(Loss)
Segmental result	(12)			(71)	(83)	54	(1,930)	(1,876)
Financial expense					(307)			(333)
Financial income					4			115
Revaluation of investment properties					-			5
Income tax					363			(47)
Loss after taxation					23			(2,136)
Assets and Liabilities
Segmental assets	641			20,538	21,179	686	20,012	20,698
Unallocated corporate assets
Investment property (Including held for sale)					4,291			4,317
Deferred taxation					3,097			2,019
Current tax receivable					142			355
Consolidated total assets					28,709			27,389
Segmental liabilities	23			2,657	2,680	51	2,018	2,069
Unallocated corporate liabilities
Deferred taxation					2,172			2,459
Current tax liability					38			15
Bank loans and overdrafts					5,968			6,062
Retirement benefit obligation					5,728			1,990
Consolidated total liabilities					16,586			12,595
Other segmental information
Property, plant and equipment additions	-			49	49	30	36	66
Development cost additions	72			2,743	2,815	74	3,895	3,969
Depreciation	8			653	661	16	421	437
Amortisation	72			3,678	3,750	73	4,110	4,183

Geographical information

	UK	Germany	Americas	Far East	Total
	£'000	£'000	£'000	£'000	£'000
Unaudited
Year ended 31 March 2010
Revenue by origination	11,003	7,174	4,373	6,428	28,978
Inter-segmental revenue	(4,809)	(6,138)	-	(8)	(10,955)
Revenue to third parties	6,194	1,036	4,373	6,420	18,023
Property, plant and equipment	5,111	115	59	19	5,304
Investment properties	3,850	-	-	-	3,850
Goodwill	-	3,512	-	-	3,512
Development cost	2,661	1,528	-	-	4,189
Total assets	21,222	4,644	1,565	1,278	28,709
Audited
Year ended 31 March 2009
Revenue by origination	9,043	3,427	4,569	4,868	21,907
Inter-segmental revenue	(2,521)	(2,794)	(503)	-	(5,818)
Revenue to third parties	6,522	633	4,066	4,868	16,089
Property, plant and equipment	5,627	197	79	28	5,931
Investment properties	3,850	-	-	-	3,850
Goodwill	-	3,512	-	-	3,512
Development cost	3,626	1,566	-	-	5,192
Total assets	20,280	3,883	1,713	1,513	27,389

Reported segments and their results in accordance with IFRS 8, is based on internal management reporting information that is regularly reviewed by the chief operating decision maker (C Gurry). The measurement policies the Group uses for segmental reporting under IFRS 8 are the same as those used in its financial statements. No comparative figures needed restating to comply with the fact that IFRS 8 needed to be applied retrospectively.

Inter-segmental transfers or transactions are entered into under commercial terms and conditions appropriate to the location of the entity whilst considering that the parties are related.

2. Dividend paid and proposed

No dividend has been paid or proposed in the year end 31 March 2010 or the year end 31 March 2009.

3. Income tax

The directors consider that tax will be payable at varying rates according to the country of incorporation of a subsidiary and have provided on that basis.

	Unaudited		Audited
	Year End		Year End
	31 March 2010		31 March 2009
	£'000		£'000
UK income tax	(142)		(305)
Overseas income tax	132		114
Total current tax credit	(10)		(191)
Deferred tax	(353)		238
Reported income tax (credit)/charge	(363)		47

 

4. Loss per share

The calculation of basic and diluted earnings per share is based on the loss attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year.

	Unaudited Loss	Weighted average number of shares	Unaudited Loss per share	Audited Loss	Weighted average number of shares	Audited Loss per share
	2010	2010	2010	2009	2009	2009
	£	Number	p	£	Number	p
Basic loss per share	(23,414)	14,947,626	(0.16)	(2,135,844)	14,947,626	(14.29)
Diluted loss per share
Basic loss per share	(23,414)	14,947,626	(0.16)	(2,135,844)	14,947,626	(14.29)
Dilutive effect of share options	-	21,332	-	-	-	-
Diluted loss per share	(23,414)	14,968,958	(0.16)	(2,135,844)	14,947,626	(14.29)

5. Investment Properties

Investment properties are revalued at each discrete period end by the directors and every third year by independent Chartered Surveyors on an open market basis. No depreciation is provided on freehold investment properties or on leasehold investment properties. In accordance with IAS 40, gains and losses arising on revaluation of investment properties are shown in the income statement. At the 31 March 2009 the investment properties were professionally valued by Everett Newlyn, Chartered Surveyors and Commercial Property Consultants on an open market basis.

6. Analysis of cash flow movement in net debt

	Audited	Audited	Audited	Unaudited	Unaudited
	Net debt at 31 March 2008	Year end 31 March 2009 Cash Flow	Net debt at 31 March 2009	Year end 31 March 2010 Cash Flow	Net debt at 31 March 2010
	£'000	£'000	£'000	£'000	£'000
Cash and Cash equivalents	1,891	301	2,192	1,691	3,883
Bank loans and overdrafts	(5,075)	(987)	(6,062)	94	(5,968)
	(3,184)	(686)	(3,870)	1,785	(2,085)

The cash flow above is a combination of the actual cash flow and the exchange movement.

7. Principal risks and uncertainties

    Key risks of a financial nature

    The principal risks and uncertainties facing the Group are with foreign currencies and customer dependency. With the majority of the Group's earnings being linked to the US Dollar a decline in this currency will have a direct effect on revenue, although since the majority of the cost of sales are also linked to the US Dollar, this risk is reduced at the gross profit line. Additionally, though the Group has a very diverse customer base in certain market segments, key customers can represent a significant amount of revenue. Key customer relationships are closely monitored, however changes in buying patterns of a key customer could have an adverse effect on the Group's performance.

    Key risks of a non-financial nature

    The Group is a small player operating in a highly competitive global market, which is undergoing continual and geographical change. The Group's ability to respond to many competitive factors including, but not limited to pricing, technological innovations, product quality, customer service, manufacturing capabilities and employment of qualified personnel will be key in the achievement of its objectives, but its ultimate success will depend on the demand for its customers' products since the Group is a component supplier.

A substantial proportion of the Group's revenue and earnings are derived from outside the UK and so the Group's ability to achieve its financial objectives could be impacted by risks and uncertainties associated with local legal requirements, the enforceability of laws and contracts, changes in the tax laws, terrorist activities, natural disasters or health epidemics.

 

8. Directors' statement pursuant to the Disclosure and Transparency Rules

The directors confirm that, to the best of their knowledge:

a.     the condensed consolidated financial statements, prepared in accordance with IFRS as adopted by the EU give a true and fair view of the assets, liabilities, financial position and loss of the company and the undertakings included in the consolidation taken as a whole; and

         b.    the Chairman's Statement and Operating and Financial Review includes a fair review of the development and performance of the business and the position of the company and the undertakings included in the consolidation taken as a whole together with a description of the principal risks and uncertainties that they face.

    The directors are also responsible for the maintenance and integrity of the CML Microsystems Plc website. Legislation in the UK governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.

9. Significant accounting policies

    The accounting policies used in preparation of the Annual Results Announcement are the same accounting policies set out in the year ended 31 March 2009 financial statements except for the adoption of:

    IAS 1 Presentation of Financial Statements (Revised 2007) and IFRS 8  Operating Segments      

    The adoption of IAS 1 (Revised 2007) makes certain changes to the format and titles of the primary statements and to the presentation of some items within these statements. IAS 1 affects the presentation of shareholder changes in equity and introduces "Consolidated statement of comprehensive income". In accordance with the new standard the entity does not present a "Statement of recognised income and expense", as was presented in the 31 March 2009 financial statements. Further, a "Consolidated statement of changes in equity" is now presented as a primary statement. The adoption of IFRS 8 has not affected the identified operating segments for the Group.

10. General

The results for the year have been prepared using the recognition and measurement principles of International Financial Reporting Standards as adopted by the EU.

The audited financial information for the year ended 31^st March 2009 is based on the statutory accounts for the financial year ended 31^st March 2009 that have been filed with the Registrar of Companies. The auditors reported on those accounts: their report was (i) unqualified, (ii) did not include references to any matters to which the auditors drew attention by way of emphasis without qualifying the reports and (iii) did not contain statements under section 498(2) or (3) of the Companies Act 2006.

The statutory accounts for the year ended 31^st March 2010 are expected to be finalised and signed following approval by the board of directors on 25 June 2010 and delivered to the Registrar of Companies following the Company's Annual General Meeting on 22 July 2010.

The financial information contained in this announcement does not constitute statutory accounts for the year ended 31^st March 2010 or 2009 as defined by Section 434 of the Companies Act 2006.

A copy of this announcement can be viewed on the company website http://www.cmlmicroplc.com.

11. Approval

The directors approved this Annual Results Announcement on 14 June 2010.

 

END

 

 

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