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Strong growth in the Americas has helped CML Microsystems overcome sluggish European performance.
Almost half of total revenues at the semiconductor manufacturer now come from its storage division, which helped lift group sales by 3 per cent. But wireless proved a trickier market, and the economic downturn weighed on sales. Despite this, CML maintained its guidance for a “firm” advance in full year profitability.
Its shares have already put in a strong performance this year. However, on a forecast price/earnings ratio of 16.5, they are still cheaper than European peers, such as the German group Dialog, which trades at 21.13.
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