Interim Management Statement

RNS Number : 7558X

CML Microsystems PLC

21 February 2012

 



CML Microsystems Plc

Interim Management Statement

CML Microsystems Plc ("the Group"), which designs, manufactures and markets a broad range of semiconductors, primarily for global communication and data storage markets, today issues the following Interim Management Statement for the period from 1 October 2011 to 20 February 2012.

Trading Update

The Group's operating results through to the end of the period under review continue to be ahead of both the prior year comparable and earlier internal expectations by a satisfactory margin. Total revenues are in line with historic trends which traditionally see a slightly weaker second half to the full financial year.

Shipments of semiconductors into industrial and professional wireless applications continued to be firm. Through the period a number of new products were released to market that are expected to both consolidate the Group's existing market position and also begin to drive adoption across wider markets.

Particularly pleasing are the sales revenue gains from the Group's flash memory controller chips for use within industrial solid state storage devices and embedded computing platforms. Previously announced new products have commenced sampling at key customers and are currently on track to begin contributing to Group revenues during the next financial year.

The Group received close to US$700k, net of costs and taxes, following the sale of its North American commercial property announced in November 2011. Any overall enhancement to current year profits is not quantifiable at this stage due to a pending professional revaluation of certain other Group properties prior to the financial year end. As previously reported, the Board continues to provide appropriate resources to realising capital from the Group's commercial property assets.

Gross margins and costs remained within target range and the Group's net cash position has been strengthened.

There have been no other material events or transactions to report since 1 October 2011.

Outlook

The Group remains on track to record good growth for the current financial year. The Board remains confident that the existing strategy for both customer and product range expansion will lead to further solid progress thereafter.

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

 

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