INTERIM RESULTS ANNOUNCEMENT
Results slightly ahead of 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 2004.
CMLs semiconductor solutions serve customers in the wire-line telecom, wireless data, two-way radio, memory card controller and programmable platform markets. CML is listed on the London Stock Exchange and is traded OTC as an ADR in the US. The Group has eight operating subsidiaries in the UK, Germany, the US and Singapore, with branches in China and Taiwan.
Commenting on the results, George Gurry, Chairman said:
The trading results for the opening half are somewhat ahead of the level of improvement expected by your board, and represent a positive indication for the progress that the Group is achieving under its plans aimed towards material future growth.
Financial Highlights
- Turnover up 40% to £11.559m (H2 03: £8.275m)
- First full contribution by Hyperstone to a reporting period, acquired July 2003
- Pre-tax profit (before exceptional goodwill write off) of £1.127m (H2 03: £117k loss)
- Pre-tax profit (after exceptional goodwill write off) of £346k (H2 03: £525k loss)
- Group Balance Sheet improved and cash reserves remain at a satisfactory level
Business Review
- Increased sales of Memory Controller products
- Higher shipments of Telecom devices for mainland China
- Increased sales for Radio and Wireless Data applications design wins expected from new products
- Significant new product introductions expected in H2 and early next year
- Forward order visibility remains short-term H1 gains from China not expected to be sustained in H2
Regarding prospects, George Gurry, Chairman said:
I am confident that the Group is on a right course towards an increasingly successful future, and am hopeful that full year trading should fall in line with expectations.
Enquiries:
CML Microsystems Plc |
www.cmlmicroplc.com |
Binns & Co PR |
020 7153 1485 |