CML Microsystems hits targets despite slow lead times

CML Microsystems told investors on Monday that trading across the first half of the year had been in line with management expectations despite continued delays in raw material lead times.

The AIM-listed outfit, which designs, manufactures and markets semiconductor solutions primarily for global communication and solid-state storage markets, said the continued influence from extended raw material lead times, along with disrupted customer purchasing patterns following NAND flash undersupply, a feature of the prior fiscal year, had not been enough to stop it from reaching the board's expectations.

For the six months ended 30 September, CML expects to report unaudited half-year revenues of £15m, a pre-tax profit of approximately £2.3m and an adjusted EBITDA of roughly £5.1m.

CML revealed that it had a net cash balance of £13.5m at 30 September 2018 following its dividend payment in August.

As of 1155 BST, CML shares had slipped 1.56% to 443p.