Published on: September 28, 2022

Performing ahead of expectations

The trading update issued today by CML states that for the full year ending 31 March 2023 both revenue and earnings are expected to be ahead of market expectations based on the current rate of trading and current exchange rates. We are not revising our forecasts at this point but look forward to the interim results in November as an opportunity to review the strength of the progress being made. We note that the investment case for CML remains based on the delivery of longer-term growth from next-generation wireless communications, but newsflow such as this and the recent announcement on property planning applications demonstrates management’s ability to deliver, which reinforces our positive view.