CML Microsystems PLC has announced its Full Year Results for the year ended 31 March 2024. The company reported an 11% increase in revenues to £22.89m, with a profit from operations of £1.94m. The cash balances at the period end were £18.21m, following a share buyback of £1.75m, dividend payments of £1.74m, and CapEx investments of £1.54m. The recommended final dividend is 6.0p per share, resulting in a full-year dividend of 11.0p. The completion of the MwT acquisition has expanded the company's portfolio and widened its addressable market to include Defense & Aerospace, Medical, and Test & Measurement application areas. The revenue contribution from MwT has been positive and above management expectations.

The company has seen high R&D and product range expansion through acquisitions, doubling the sales opportunity pipeline since FY20. Early customer adoption has started on DRM1000, a complete 'antenna to speaker' module. Strategic efforts to broaden the customer base have increased high-spend customers from three to 12 over four years. New sub-application areas include commercial satellite, phased array radar, wireless mesh networking, and medical imaging.

Chris Gurry, Group Managing Director of CML Microsystems, commented on the results, stating, "Continuing macro headwinds and over-stocked inventory levels within some customers subdued profitability for the year." He also expressed confidence in the company's position to capitalize on the ever-growing opportunity in the markets they serve, despite the mixed demand environment expected to continue in the current financial year.

The company's Chairman's Statement highlighted the acquisition of MwT as a significant achievement, bringing a talented team, new customers, and offering a major growth opportunity. The financial results represent a resilient performance achieved against continuous macroeconomic and geopolitical headwinds. Revenues increased by 11% year-on-year to £22.89m, assisted by the acquisition of MwT, representing a record for revenue.

CML Microsystems PLC develops mixed-signal, RF, and microwave semiconductors for global communications markets. The Group targets sub-segments within Communication markets with strong growth profiles and high barriers to entry. It has secured a diverse, blue-chip customer base, including some of the world's leading commercial and industrial product manufacturers. The company is cash-generative, has no debt, and is dividend-paying.