CML Microsystems PLC Update on Group FD recruitment (0910A)

TIDMCML

RNS Number : 0910A

CML Microsystems PLC

17 January 2020

CML Microsystems Plc

(The "Company" or the "Group")

Update on Group Financial Director recruitment process

The Group announced, in November 2019, that a process had begun to appoint a successor to Neil Pritchard, Group Financial Director, following his resignation to pursue other career opportunities. Neil Pritchard will depart the Group at the end of February 2020.

As part of that process, the Board has reviewed its near-term objectives and underlying senior management resources within the Group's finance function along with timing around the Group's current strategic needs and actions. As a result, the Board has concluded that stakeholder interests are best served by delaying the recruitment process into the next financial year, commencing 1 April 2020.

As an interim measure, the Board has decided that Nigel Clark, Group Non-Executive Chairman, will adopt the additional executive role of Financial Director. Nigel was formerly the Group's Financial Director and will retain this dual role until the recruitment process has been completed. Nigel will step off the Audit Committee for the duration of his dual role.

Whilst a firm timescale for the succession process is difficult to predict, the Board does not currently expect it to be completed during the first six-months of the next financial year. A further announcement will be made in due course.

 
CML Microsystems Plc                   www.cmlmicroplc.com 
 Nigel Clark, Group Chairman and        Tel: [phone] 
 Financial Director 
 Chris Gurry, Group Managing Director 
Shore Capital                          Tel: [phone] 
 Advisory 
 Edward Mansfield 
 James Thomas 
 Broking 
 Fiona Conroy 
SP Angel Corporate Finance LLP         Tel: [phone] 
 Jeff Keating 
Alma PR                                Tel: [phone] 
 Josh Royston 
 Caroline Forde 
 

About CML Microsystems PLC

CML designs and develops semiconductors for the industrial storage and communications markets. The Group utilises a combination of in-house and outsourced manufacturing and has trading operations in Europe, the Far East and USA. CML targets niche 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 telecoms equipment providers and industrial product manufacturers

The spread of its customers and products largely protects the business from the cyclicality usually associated with the semiconductor industry. Growth in its end markets is being driven by factors such as the ever increasing trend towards solid state storage devices in the commercial and industrial sectors, the upgrading of telecoms infrastructure around the world and the growing prevalence of private commercial communications networks for voice and/or data communications linked to the industrial internet of things (IIoT).

The Group is cash-generative, has a net cash position and is dividend paying.

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January 17, 2020 02:00 ET (07:00 GMT)