24th Oct 2016 07:29
LONDON (Alliance News) - CML Microsystems PLC on Monday said it expects to post increases in both revenue and pretax profit for the first half of its financial year when compared to the prior year.
The semiconductor products manufacturer said it will publish its interim results for the six months ended September 30 on November 30, but anticipates reporting revenue of around GBP13.0 million. This figure includes the GBP400,000 two-month contribution of product revenue from its acquisition of China-based Wuxi Sicomm Technologies Ltd, which it bought in late May.
CML said it expects pretax profit for the period to be GBP1.9 million and said cash generation continued to be healthy. At the end of September, CML had net cash of over GBP11.0 million, it said.
For the same period a year earlier, revenue came in at GBP11.0 million and pretax profit was GBP1.5 million.
"We're pleased with our first half performance. CML is focused on two highly niche industrial storage and communication markets where the quality and reliability of our technology sets us apart and makes us an integral part of our customers' products. The group is seeing the benefits of our strong focus on research and development which remains a key part of our strategy as we continue to build for the future," said Managing Director Chris Gurry.
"The contribution from Sicomm to date has been pleasing, in line with our expectations and we look forward to the second half of the year with confidence," Gurry added.
Shares in CML were up 4.6% at 395.00 pence on Monday.
By Hannah Boland; [email protected]; @Hannaheboland
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