CML Microsystems PLC on Monday said it is in line to post an increase in both revenue and profit for its recent financial.

CML is an Essex, England-based developer of mixed-signal, radio frequency and microwave semiconductors for global communications markets.

The company said its results for the year that ends on Friday are expected to be in line with market expectations, with revenue of £20.5 million and pretax profit of £3.1 million. In financial 2022, CML Microsystems reported revenue of £17 million and pretax profit of £1.7 million.

CML also said that it continues to progress well with its acquisition of Microwave Technology Inc.

Microwave Technology is a Silicon Valley semiconductor company. In January, CML said it would buy the company for up to $18 million.

The acquisition remains subject to US regulatory clearance, and the documentation for this has been filed, CML said.

The company also said it now has completed the sale of the its first parcel of land at its 29-acre Oval Park site in Maldon.

As a result, CML now expects additional pretax profit of about £2 million in financial 2023 from this in the form of ’other income’.

Looking ahead, CML said the forward order book is ‘healthy’ and serves to underpin the outlook for further growth across the coming financial year.

‘The board is very pleased with the progress made throughout FY23 and remains confident in the group’s well documented growth strategy,’ CML said.

CML plans to publish results for financial 2023 on June 27.

Shares in CML are down 0.1% to 534.24 pence each in London on Monday afternoon. Over the past 12 months, the stock is up 56%.

Copyright 2023 Alliance News Ltd. All Rights Reserved.