Portfolio

CML Microsystems's profits on the rise

By Iain Gilbert

Date: Tuesday 21 Nov 2017

CML Microsystems's profits on the rise

(ShareCast News) - Semiconductor manufacturer CML Microsystems saw pre-tax profits rise 19% in the six months leading to 30 September, leading the group to a maiden interim dividend of 2.0p per ordinary share.
Group revenues at CML grew to £16.02m, a 23% year-on-year increase thanks to the firm's expanding product range across its storage and communications markets and the release of its first RF semiconductor product for microwave bands.

Pre-tax profit jumped from £1.94m to £2.31m, while gross profits gained 21% on the halfway point of the last financial year to come in at £11.23m.

EBITDA was 16% higher at £4.90m and earnings per share finished out the half at 11.74p.

At the end of the quarter, CML had no debt and a net cash position of £12.72m.

Chris Gurry, managing director of CML, said, "The financial and operational progress made in the first half of the year is firm evidence that we are delivering on our growth strategy and the momentum that we are seeing in the business has continued into the start of the second half.

"With a number of customer products now in the ramping-up phase, and supportive end market dynamics, the Board has confidence in meeting expectations for the full year and remains excited about the Group's future prospects," he added.

CML announced that its first interim dividend payment of 2.0p per share would be paid on 15 December.

As of 1415 GMT, shares had fallen back 2.47% to 534.00p.

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