Technology

CML Microsystems PLC

  • Market Cap (£m) 56.4
  • Listing AIM

Eight Page Summary

Analysts

Company Description

CML is a semiconductor company focused on the next generation of wireless communications technologies. CML has a strong niche position in wireless communications integrated circuits (ICs, or silicon/semiconductor chips), built upon its technologies and skills in analog design and compound semiconductors. Over the coming years, new technologies, including 5G and satellite broadband, are expected to open up a host of new applications and markets for wireless communications and control devices applications, from critical infrastructure to healthcare, to transport and defence, and even agriculture. CML has well-established relationships with blue-chip international electronics and industrial customers, and a strong market position in the global private mobile radio market. The company runs on a fabless business model, designing and testing the chips itself but outsourcing the highly capital-intensive manufacturing and packaging processes to third parties.

Investment Summary

CML is well-positioned to exploit several growth opportunities that are expected to come with the next generation of wireless technologies, including 5G, industrial internet of things and satellite communications. There is considerable potential in next-generation wireless technologies and CML has a focused approach with a proven strategy and management. Overall, the business weathered Covid well, has a strong cash position and seems extremely well-placed to capitalise on multiple growth opportunities. In our view, the group is well-run and has a clear and valuable lead within its chosen niche markets.

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Company Management Team

  • Nigel Clark

    Executive Chairman

    Nigel joined the Company in 1980. He was appointed Company Secretary in 1983 and Group Financial Director in 1985. Prior to joining CML, he was employed by Touche Ross & Co. (which subsequently merged with Deloitte in 1989) and is a qualified chartered accountant, holding an FCA. Nigel became Group Non-Executive Chairman in January 2015 and subsequently held the interim positions of Group Finance Director and Executive Chairman between February 2020 and December 2023. He holds a Mathematical Science degree from Royal Holloway College, University of London. Nigel is Chairman of the Remuneration Committee.

  • Chris Gurry

    Group Managing Director

    Chris joined the group in 1994. He was appointed to the Board in 2000 as Business Development Director and became Group Managing Director in October 2007. Prior to joining CML, he worked within the electronics design and manufacturing industry leading organisations primarily focused on applications within radio communications markets, including machine-to-machine, CCTV and satellite television. Having originally trained as an electronics technician, Chris subsequently re-trained as a business software programmer/analyst and has over 30 years’ experience within wireless communications markets.

Key Dates

Jun 2021
14th
Finals
Actual
Aug 2021
4th
AGM
Actual
Sep 2021
21st
Q2 TU
Actual
Nov 2021
23rd
Interims
Actual
Apr 2022
5th
Q4 TU
Actual
Jul 2022
5th
Finals
Actual
Aug 2022
10th
Q1 TU
Actual
Sep 2022
28th
Q2 TU
Actual
Nov 2022
22nd
Interims
Actual
Mar 2023
27th
Q4 TU
Actual
Jun 2023
27th
Finals
Actual
Aug 2023
9th
AGM
Actual
Oct 2023
2nd
Q2 TU
Actual
Dec 2023
5th
Interims
Actual
Dec 2023
13th
IE Group Meeting
Actual
Mar 2024
26th
Q4 TU
Actual
Jul 2024
2nd
Finals
Actual
Aug 2024
9th
AGM
Estimate
Oct 2024
2nd
Q2 TU
Estimate
Dec 2024
5th
Interims
Estimate
Mar 2025
26th
Q4 TU
Estimate