Published on: July 6, 2022

Clear signals of recovery and growth

CML’s Full Year results to 31st March 22, released yesterday, show that the group is continuing to make good financial and operational progress. The revenues of £17.0m came in just ahead of our estimates of £16.6m, having adjusted for the £0.6m restatement of revenues. This was growth of 29.5% on FY21 – taking CML’s revenues beyond pre-Covid levels. Costs were slightly higher than expected with Adj EBITDA £4.3m for FY22 vs our estimate of £4.5m (FY21 £2.7m). Cash of £25m is in line with our forecasts and is after returning nearly £29m of cash to investors in just over 6 years. Existing markets have recovered and new products are being well received – suggesting to us that CML could build on its success in private mobile radio, and see success in other (larger) areas such as 5G, the Industrial Internet of Things, satellite and voice communications.