REG - CML Microsystems PLC - AGM Statement

CML MicrosystemsAnnouncement

09/08/2023 11:00

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RNS Number : 8010I  CML Microsystems PLC  09 August 2023

9 August 2023

CML Microsystems Plc

("CML", the "Company" or the "Group")

AGM Statement

CML Microsystems Plc, which develops mixed-signal, RF and microwave
semiconductors for global communications markets, will hold its Annual
General Meeting today at 11.00am at which Nigel Clark, Executive Chairman,
will provide the following trading update.

Trading Update

The Group has commenced its new financial year positively and remains on
course to achieve a year of further growth and improvements in revenues and
operational profit.

Discussions with the relevant US authorities in respect of the proposed
acquisition of Microwave Technology, Inc (MwT) have progressed, with a
conclusion expected prior to 30 September 2023. A further announcement will be
made at the appropriate time.

Over the last three years, the Board has successfully steered the business
through a number of significant events. We have delivered a return in excess
of £24m to shareholders through a combination of dividends, capital
repayments and share buybacks. Perhaps less noticeable has been the reduction
and simplification of the Group's operating structure along with a
strengthening of the senior management team, allowing the business to operate
very successfully with a focussed Board composition.

As part of our ongoing commitment to the long-term sustainable growth of the
business and in light of the pending MwT acquisition and enlargement of the
Group, the current composition of the Board is being enhanced. Accordingly,
over the next few months I will be reverting to my previous non-executive
Chairman's role. This is currently expected to coincide with the appointment
of additional executive and independent non-executive directors to the Board.

The Board is pleased with the progress being made by the business as it
continues to successfully execute its strategic plan and remains excited by
the growth that a combination of organic and acquisitive growth can deliver.

 

 

 

 CML Microsystems Plc

  Tel: +44(0)1621 875 500
 Chris Gurry, Group Managing Director

Nigel Clark, Executive Chairman

 Shore Capital                           Tel: +44(0)20 7408 4090

 Toby Gibbs

 James Thomas

 Lucy Bowden

 Fiona Conroy (Corporate Broking)

 Alma PR                                 Tel: +44 (0)20 3405 0212

 Josh Royston

 Andy Bryant

 Matthew Young

 

About CML Microsystems Plc

CML develops mixed-signal, RF and microwave semiconductors for global
communications markets. The Group utilises a combination of outsourced
manufacturing and in-house testing with trading operations in the UK, Asia and
USA. CML targets sub-segments within Communication markets with strong growth
profiles and high barriers to entry. It has secured a diverse, blue chip
customer base, including some of the world's leading commercial and industrial
product manufacturers.

The spread of its customers and diversity of the product range largely
protects the business from the cyclicality usually associated with the
semiconductor industry. Growth in its end markets is being driven by factors
such as the appetite for data to be transmitted faster and more securely, the
upgrading of telecoms infrastructure around the world and the growing
prevalence of private commercial wireless networks for voice and/or data
communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has no debt and is dividend paying.

 

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