Interim Results
22 Novembre 2000 - 8:00AM
UK Regulatory
RNS Number:5078U
CML Microsystems PLC
22 November 2000
CML Microsystems Plc
Interim Results for the
Six months ended 30th September 2000
CML Microsystems Plc, the group which designs, manufactures
and markets a range of semiconductors for use in the
communications industry, announces Interim results for the
six months ended 30th September 2000.
* Turnover from continuing Businesses up 35% from #7.829m to
#10.598m.
* Pre-tax profits from continuing Businesses up 84% from
#1.324m to #2.444m.
* EPS for the six months of 11.17p compared to 10.73p for
the full year ended 31st March 2000.
* Net cash reserves of #9.19m at the interim stage.
* George Gurry, Chairman, said "The market areas that were
most successfully addressed by the Group's products
included wireless data terminals, subscriber-line telecom
functions and personal/private radio communication. There
was a significant market interest for the specialised voice
coding products that the Group offers.
* "I believe that your Company is making satisfying progress in
its performance and I am hopeful that it should continue to do
so. Subject to unforeseen circumstances, I feel confident
that the results for this year can be expected to show a firm
increase."
For further information:
Nigel Clark Lulu Bridges / Sarah Landgrebe
CML Microsystems Plc Tavistock Communications
Tel: 01621 875 500 Tel: 020 7600 2288
CHAIRMAN'S STATEMENT
The results for the opening six-month period show a healthy
gain over the results for each six-month period of last year,
and are indicative of the continuing increase in your
Company's performance that my earlier remarks anticipated
should characterise this current year.
Given the conventions for reporting the figures at this
interim stage, you may find it helpful if my comments include
some context for the disposal of the Group's traffic business
that took place during the comparative reporting period.
On a continuing business's basis, Group sales show a 35% rise
(1999: #7.829m) over the comparative period and operating
profit grew by 78% (1999: #1.227m). A gain of 84% is recorded
at the pre-tax level, assisted by the increase in interest
earnings.
As the reported figures show, the Group's net cash reserves
stood at #9.19m at the interim stage (2000 year end: #6.85m),
and basic earnings per share have risen to 11.27p (10.73p per
share earned for the previous full year).
The Group's operating companies were each successful in
gaining a notable increase in sales into their market
territories during the opening half, although no marked
increase was recorded for the UK market. It is an
increasingly established fact for the Group's business that
end-sales do not necessarily reflect the territory where the
key design-in decisions are reached by or on behalf of the
Group's customers.
The market areas that were most successfully addressed by the
Group's products included wireless data terminals, subscriber-
line telecom functions and personal/private radio
communication. There was a significant market interest for
the specialised voice coding products that the Group offers.
The Group has been active in the design and introduction of a
number of new products that are unlikely to deliver benefit
before next year.
I believe that your Company is making satisfying progress in
its performance and I am hopeful that it should continue to do
so. Subject to unforeseen circumstances, I feel confident
that the results for this year can be expected to show a firm
increase.
G W Gurry
CHAIRMAN
22nd November 2000
CML Microsystems Plc
Interim Statement for the half year
ended 30th September 2000
Group Profit and Loss Account
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
End End End
30/09/00 30/09/99 31/03/00
#'000 #'000 #'000
Turnover 10,598 9,821 19,751
------ ------ ------
Operating Profit 2,191 538 2,462
Exceptional item - (556) (556)
------ ------ ------
Profit/(Loss) on Ordinary
Activities before Interest
and Taxation 2,191 (18) 1,906
Interest Receivable 253 97 247
Interest Payable - (18) (18)
------ ------ ------
Profit on Ordinary
Activities before Taxation 2,444 61 2,135
Taxation (826) (473) (617)
------ ------ ------
Profit/(Loss) on Ordinary
Activities after Taxation 1,618 (412) 1,518
Minority Interest 1 (1) (14)
------ ------ ------
Profit/(Loss) Attributable
to Shareholders 1,619 (413) 1,504
====== ====== ======
Basic Earnings/(Loss)
Per Share 11.27p (2.97)p 10.73p
====== ====== ======
CML Microsystems Plc
Interim Statement for the half year
ended 30th September 2000
Group Balance Sheet
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
End End End
30/09/00 30/09/99 31/03/00
#'000 #'000 #'000
Fixed Assets
Tangible Assets 9,535 9,905 9,817
------ ------ ------
Current Assets
Stocks 2,594 1,313 1,681
Debtors 3,411 3,229 3,014
Investments 6,389 1,843 3,893
Cash at Bank & in Hand 2,803 2,211 2,958
------ ------ ------
15,197 8,596 11,546
Creditors: Amounts falling due
within one year 4,703 2,260 3,856
------ ------ ------
Net Current Assets 10,494 6,336 7,690
------ ------ ------
Deferred Taxation - 82 6
------ ------ ------
Net Assets 20,029 16,159 17,501
====== ====== ======
Capital & Reserves
Called up Share Capital 730 696 716
Share Premium Account 3,223 2,349 2,802
Capital Redemption Reserve 255 255 255
Profit & Loss Account 15,798 12,849 13,704
------ ------ ------
Shareholders' Funds 20,006 16,149 17,477
Minority Interests 23 10 24
------ ------ ------
20,029 16,159 17,501
====== ====== ======
CML Microsystems Plc
Interim Statement for the half year
ended 30th September 2000
Group Cash Flow Statement
Unaudited Unaudited Audited
6 Months 6 Months 12 Months
End End End
30/09/00 30/09/99 31/03/00
#'000 #'000 #'000
Net cash in flow from
operating activities 3,050 1,338 3,783
Returns on investments
and servicing
of finance 254 80 229
Taxation (282) (468) (564)
Capital expenditure and
financial investment (328) (263) (574)
Equity dividends paid (1,217) (974) (974)
------ ------ ------
Net cash in/(out) flow
before financing 1,477 (287) 1,900
Financing 435 - 473
------ ------ ------
Increase/(decrease)
in cash 1,912 (287) 2,373
====== ====== ======
Notes:
Comparative Results
The actual results for the year to 31st March 2000 as shown in
this statement are an abridged version of the company's 2000
accounts which have been filed with the Registrar of
Companies. The report of the auditors on the 2000 accounts
was unqualified. Results for the six months ending 30/09/99
are the unaudited figures published in the Interim Statement
dated 24th November 1999.
Exceptional Item
The exceptional item is the net loss on the disposal of the
Group's interest in Microsense Systems Limited which was
completed on 26th August 1999.
Taxation
The Directors consider that tax will be payable at varying
rates according to the country of incorporation of a
subsidiary and have provided on that basis.
Earnings Per Share
The calculation of earnings per share is based on the profit
attributable to shareholders for the period and on a weighted
average number of shares of 14,367,032 shares (1999 -
13,918,818 shares).
The calculation of earnings per share for the year ended 31st
March 2000 was based on a weighted average number of
14,013,840 shares.
This statement will be sent to shareholders and will be
available from the Company's registered office: Oval Park,
Langford, Essex CM9 6WG.
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