PROGRESSIVE: CML Microsystems: Ripples not waves – still on growth course

The trading update confirms revenues in line with our expectations. Excess inventory flow through and market softness in China have impacted CML’s core business, but Microwave Technologies Inc (MwT) is performing ahead of expectations. The net effect, along with MwT acquisition related costs, is that Reported PBT and EBITDA are to be lower than expectations, but not substantially so. The long-term investment case is founded upon the opportunity in next-generation wireless and, with £18m cash and

CML Microsystems+ (CML, House Stock at 373p) - Inventory correction holds back core business

Hybridan Small Cap Feast - 05 Dec 23

5th December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

PROGRESSIVE: CML Microsystems: The unusually reliable semis co delivers, again

CML’s interim results to 30 September show that, despite challenging markets, the group continues to make progress. Revenue improved by 5% to £10.6m, up from £10.1m in H1 FY23. Profit from operations was flat at £1.9m, prior to third-party acquisition related costs from the MwT transaction of £0.3m and share-based payments. Cash balances at the period-end were £20.95m (31 March: £22.26m), after significant expenditure on product development, share buybacks and the FY23 final dividend. With the M

CML Microsystems+ (CML, House Stock at 388p) - Growth in new and existing markets

Hybridan Small Cap Feast - 01/12/23

1st December 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje

Initial Equity Trading Comments - 1 December 2023

CML Microsystems+ (CML, House Stock at 395p) - Board & Senior Management Appointments

Hybridan Small Cap Feast - 02 Oct 23

2nd October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec

CML Microsystems+ (CML, House Stock at 435p) - Completion of MwT Acquisition

PROGRESSIVE: CML Microsystems: Executing to plan

CML has today announced the completion of its acquisition of Microwave Technology Inc (MwT), following the receipt last week of US Government regulatory clearance. This is an important step forward for CML’s strategic drive in next-generation wireless technologies. MwT provides exciting skills and products in GaAs and GaN based MMICs, discrete devices and hybrid amplifier products, which all fit well with CML’s product ambitions. Furthermore, the transaction improves CML’s position in the US and

PROGRESSIVE: CML Microsystems: Strategy poised to deliver

CML’s AGM trading update, issued today, provides positive news on trading and reassuring information on the pending Microwave Technology (MwT) acquisition. There are to be some changes to management, realigning and reinforcing the resources in anticipation of the growth and challenges ahead. CML remains well placed to deliver strong revenue and profit growth over coming years as its next-generation wireless strategy plays out.

CML Microsystems+ (CML, House Stock at 435p) - Positive AGM update

Hybridan Small Cap Feast - 27 Jun 23

27th June 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti

PROGRESSIVE: CML Microsystems: Resilient growth

CML has today reported a strong set of FY23 figures, in line with the year-end trading update of 27 March 2023. Revenue of £20.6m was an impressive 22% up on FY22, with profit from operations pre exceptionals at £2.9m, 142% ahead of FY22. We are not adjusting our profit forecasts for FY24, noting that the expected acquisition of Microwave Technology (MwT), once approved, should mean that these estimates will be superseded. The statement reports good progress with new products in terms of both la