CML Microsystems PLC - Interim Results
25 Novembre 1997 - 8:33AM
UK Regulatory
RNS No 8427h
CML MICROSYSTEMS PLC
25th November 1997
CML Microsystems Plc
Interim Results
for the six months ended
30th September 1997
Chairman's Statement
The results for the six months ending 30th September 1997 show
an improvement on the interim figures for last year.
Group turnover increased by 11% to #9.379M (1996 #8.392M) and
pre-tax profits were more than doubled at #0.319M (1996
#0.117M). An operating profit of #0.102M compares with the
operating loss posted for the earlier period.
Earnings per share show a 45% rise to 1.96p (1996 1.35p) on a
virtually unchanged number of shares. A reduction in net cash
reserves at the interim stage reflects principally cash flow
timing.
The Group's semiconductor businesses turned in improved
results on the back of steady gains in product sales.
Expenditure in support of product marketing and new products
development reached expected higher levels during the period.
The Traffic business began to see benefits anticipated by the
re-organisation of its operations. The equipment markets
remained very difficult and a delay was encountered in the
contribution by systems contracts, but the operating loss,
usual for this business in the first half, was broadly in-line
with projections for the period.
Overall, the interim results are very much in accordance with
my expectations when I indicated the outlook for the current
year in my year end Statement.
I am encouraged by the positive progress your Company is
making towards its future growth, and I remain optimistic that
the results for the present year will post a further advance.
G. W. Gurry
Chairman
For further information:
Nigel Clark Lulu Bridges/Peter Willetts
CML Microsystems Plc Tavistock Communications
Tel: 01376 513833 Tel: 0171 600 2288
Group Profit and Loss Account
Unaudited Unaudited Audited
6 Months End 6 Months End 12 Months End
30/09/97 30/09/96 31/03/97
#'000 #'000 #'000
Turnover 9,379 8,392 18,233
===== ===== =====
Operating Profit/(Loss) 102 (79) 1,535
Interest Receivable 236 202 421
Interest Payable (19) (6) (22)
----- ----- -----
Profit on Ordinary Activities
Before Taxation 319 117 1,934
Taxation (112) (41) (679)
----- ----- -----
207 76 1,255
Minority Interest 105 138 81
----- ----- -----
Profit attributable to
Shareholders 312 214 1,336
===== ===== =====
Earnings per share 1.96p 1.35p 8.40p
===== ===== =====
Summary Group Balance Sheet
6 Months End 6 Months End 12 Months End
30/09/97 30/09/96 31/03/97
#'000 #'000 #'000
Fixed Assets
Tangible Assets 7,273 7,245 6,967
----- ----- -----
7,273 7,245 6,967
----- ----- -----
Current Assets
Stocks 2,747 2,365 2,346
Debtors 4,120 3,631 4,711
Investments 7,503 5,237 5,963
Cash at Bank & in hand 49 2,806 2,069
----- ----- -----
14,419 14,039 15,089
Creditors: Amounts falling due
within one year 3,746 3,626 4,381
----- ----- -----
Net Current Assets 10,673 10,413 10,708
----- ----- -----
Deferred Taxation 13 12 13
----- ----- -----
17,933 17,646 17,662
===== ===== =====
Capital & Reserves
Called up Share Capital 796 796 796
Share Premium Account 2,349 2,347 2,347
Capital Redemption Reserve 155 155 155
Profit & Loss Account 14,633 14,300 14,259
----- ----- -----
17,933 17,598 17,557
Minority Interests 0 48 105
----- ----- -----
17,933 17,646 17,662
===== ===== =====
Summary Group Cash Flow Statement
Unaudited Unaudited Audited
6 Months End 6 Months End 12 Months End
30/09/97 30/09/96 31/03/97
#'000 #'000 #'000
Net cash in flow from
operating activities 656 817 1,494
Returns on investments
and servicing of finance 250 204 400
Taxation 136 770 169
Capital expenditure and
financial investment (602) (692) (752)
Equity dividends paid (971) (971) (971)
----- ----- -----
Net cash (out)/in flow
before financing (531) 128 340
Financing 2 0 0
----- ----- -----
(Decrease)/Increase in
cash (529) 128 340
===== ===== =====
Notes
Comparative Results
The actual results for the year to 31st March 1997 as shown in
this statement, are an abridged version of the company's 1997
accounts which have been filed with the Registrar of
Companies. The report of the auditors on the 1997 accounts
was unqualified. Results for the six months ending 30/09/96
are the unaudited figures published in the Interim Statement
dated 20th November 1996.
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 of 15,917,831 shares (1996 - 15,917,338 shares).
The calculation of earnings per share for the year ended 31st
March 1997 was based on 15,917,338 shares.
This statement will be sent to shareholders and will be
available from the Company's registered office: Wheaton Road,
Industrial Estate East, Witham, Essex CM8 3TD.
This statement will also be available via CML Microsystem's
Worldwide Web Home Page - http://www.cmlmicro.com.
END
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