INTERIM RESULTS ANNOUNCEMENT
Results broadly in-line with market expectations
CML Microsystems Plc (“CML”), which designs, manufactures and markets a broad range of semiconductor products, primarily for the global communications market, announces its Interim Results for the six months ending 30September 2003.
CML’s semiconductor solutions serve customers in the wire-line telecom, wireless data, two-way radio, non-volatile storage and general-purpose RISC/DSP markets. CML is listed on the London Stock Exchange and is traded OTC as an ADR in the US. The Group has seven operating subsidiaries in the UK, Germany, the US and Singapore.
Commenting on the results, George Gurry, Chairman said:
“The results for the six months trading period ending 30September 2003 reflect the modestly improving performance that I reported for the opening quarter, and the outcome figures are in close line with internal budgets and reported current market expectations.”
Financial Highlights (comparisons are with the immediately preceding six months period)
- Turnover (excluding acquisitions) of £6.71m (H2 ‘03: £5.50m), up 22%
- Acquisitions contributed £1.56m
- Operating loss of £247k (H2 ‘03: Loss £649k)
- Pre-tax loss of £207k (H2 ‘03: £337k)
Business Review
- Acquisition of Hyperstone AG, a fabless semiconductor company, for €7.5 million (£5.25m) in July 2003
- Modestly improving performance continues
- Sales growth largely attributable to Far East markets, gains also made in the US
- Traditional major European markets remain difficult
- Signs of firmer customer confidence appearing in some areas
Regarding prospects, George Gurry, Chairman said:
“Given the present market conditions, I am not expecting a significantly improved performance in the short term, but I believe your Company should continue its progress back to profitability for the current year.
“The strategies being followed in these challenging times are now beginning to secure the potential for future growth and I remain confident that the group will make significant strides as these measures take increasing effect.”
Enquiries:
CML Microsystems Plc |
www.cmlmicroplc.com |
Binns & Co PR |
020 7786 9600 |