CML Microsystems trading ahead of expectations
Radiofrequency and microwave semiconductor developer CML Microsystems said in an update on Wednesday that trading for its first half had been “strong”.
The AIM-traded firm said revenues were expected to be “well ahead” of last year on a constant currency basis, and had been further boosted by an exchange rate tailwind.
Gross margin remained robust, while overheads were in line with expectations.
As a result, profitability was expected to be “significantly ahead” of management's earlier expectations.
“At the current rate of trading and based on current exchange rates, the board expects that for the full year ending 31 March 2023 both revenues and profitability will be ahead of market expectations,” the board said in its statement.
“Research and development activities, operational investments and the introduction to market of new products are all proceeding well, and the forward order book remains healthy.
“The board remains confident in the Group's strategy and its ability to deliver significant, sustainable growth over the coming years.”
CML said it would publish its results for the six months ending 30 September on 22 November.
At 1553 BST, shares in CML Microsystems were up 10.73% at 387.55p.
Reporting by Josh White at Sharecast.com.