CML Microsystems PLC

Latest Results (07.08.2024):

Revenue Growth

CML Microsystems PLC reported an 11% increase in revenue for the fiscal year 2024, reaching £22.89 million compared to £20.64 million in the previous year. This growth was significantly assisted by the acquisition of Microwave Technology Inc (MwT), marking a record for revenues from the continuing business post the sale of the Storage Division in FY21.

Operating Profit

The operating profit for CML Microsystems PLC in FY24 was £1.94 million, a decrease from £2.93 million in the previous year before exceptional items. This reduction was attributed to increased distribution and administration costs following the acquisition of MwT, as well as a slight reduction in the gross profit margin from 76% to 71% due to the new product lines and customer inventory headwinds.

Net Cash Position

At the end of FY24, CML Microsystems PLC's net cash position stood at £18.21 million, down from £22.26 million in the previous year. This decrease was after a share buyback of £1.75 million, dividend payments of £1.74 million, and capital expenditure investments of £1.54 million.

Dividend

The Board of CML Microsystems PLC recommended a final dividend of 6p per share, maintaining the full-year dividend at 11p per share, the same as the previous year. This decision reflects the Board's commitment to a progressive dividend policy while ensuring adequate cash reserves for growth objectives, including R&D investments and further payments related to the MwT acquisition.

Profit After Tax

Profit after tax for CML Microsystems PLC in FY24 was £2.06 million, down from £3.09 million in the previous year before exceptional items. This decline was due to increased costs associated with the MwT acquisition and a higher tax rate, despite the overall revenue growth.