거래 업데이트 및 결과 통지
월 26 2024
CML 마이크로시스템즈 PLC
("CML", "회사" 또는 "그룹")
거래 업데이트 및 결과 통지
CML Microsystems Plc, which develops mixed-signal, RF and microwave semiconductors for global communications markets, is today issuing a trading update for the year ended 31 March 2024 ("FY24").
As reported at the time of our interim results, the Company performed well through the first half year of trading, reporting solid growth against a backdrop of a general decline in the semiconductor market through that period. At that time, the Company sounded a note of caution on the trading outlook for the second half, due to elevated inventory levels across a selection of customers, a generally weaker than anticipated China market and the need to absorb the acquisition of Microwave Technology, Inc. (MwT).
Trading through the second half has justified the need for that mid-year caution, with some customers and channel partners continuing to reduce their inventory levels, a process that we now expect will last into the second half of this calendar year. The knock-on effect of this has led to shipments from the core CML business (excluding MwT) being lower than previously expected.
On a more encouraging note, the revenue contribution from MwT has been very positive under CML's first period of ownership and has been above management expectations. The progress made so far is pleasing and work continues to unlock the operational synergies that are expected to realise the full potential of the combined business over the medium term.
The additional MwT shipments have somewhat compensated for the protracted inventory situation, leading to full year revenue expectations close to £23m, broadly in line with expectations and 11% higher than the prior 12-month period.
This change in revenue mix between higher margin core products and lower margin MwT products impacts the overall Group margin and will result in profitability being below prior expectations. After factoring in costs associated with the MwT acquisition, pre-tax profit is now predicted to be just under the £3m level. Excluding these costs, EBITDA is predicted to be in the region of £6.4m, marginally below expectations and an increase of 8% year-on-year. The Company retains a strong balance sheet, with net cash reserves of just under £18m.
While it is disappointing that the core product inventory hangover will take longer to wash through than management predicted, it is important to note that CML remains a key partner to its customer base. As a sole source supplier, our customers are reliant on CML products to drive their own success and we look forward to a return to core product growth as the current inventory situation normalises.
The integration of the MwT business into the Group is proceeding at pace. From completion of the acquisition on 2 October 2023, and following extensive sales channel training through to the end of December, the relevant MwT products were incorporated under the CML S?RF brand with effect from January 2024. The enlarged S?RF product portfolio is being marketed and supported on a global basis and numerous other operational improvements are being addressed. A fuller update will be provided at the time of the full year results announcement.
Over the last few reporting periods, the business has successfully negotiated a number of headwinds whilst simultaneously taking actions and making investments to strategically re-position the business as a global semiconductor company focussed solely on application areas within worldwide wireless communications markets.
The Group now has in place the required resources and market focus to drive progress and the Board remains confident of capturing share of the significant growth opportunities ahead.
결과 통지
CML will publish its full year results for FY24 on 2 July 2024.
CML 마이크로시스템즈 PLC Chris Gurry, 그룹 전무이사
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해안 수도 토비 깁스 제임스 토마스 루시 보든 Fiona Conroy(기업 중개)
| 전화 : + 44 (0) 20 7408 4090 |
알마 전략적 커뮤니케이션 조시 로이스턴 앤디 브라이언트 로빈 피셔 | 전화 : + 44 (0) 20 3405 0212
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CML 마이크로시스템즈 PLC 소개
CML은 글로벌 통신 시장을 위한 혼합 신호, RF 및 극초단파 반도체를 개발합니다. 그룹은 영국, 아시아 및 미국에서 거래 작업을 통해 아웃소싱 제조 및 사내 테스트를 조합하여 활용합니다. CML은 강력한 성장 프로필과 진입 장벽이 높은 통신 시장 내의 하위 세그먼트를 대상으로 합니다. 세계 최고의 상업 및 산업 제품 제조업체를 포함하여 다양한 우량 고객 기반을 확보했습니다.
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).
그룹은 현금을 창출하고 부채가 없으며 배당금을 지급하고 있습니다.
RNS는 귀하의 IP 주소를 사용하여 약관 준수 여부를 확인하고, 귀하가 이 커뮤니케이션에 포함된 정보를 사용하는 방식을 분석하고, 그러한 분석을 익명으로 다른 사람과 상용 서비스의 일부로 공유할 수 있습니다. RNS와 런던 증권 거래소가 귀하가 제공한 개인 데이터를 사용하는 방법에 대한 자세한 내용은 개인 정보 보호 정책을 참조하십시오.