- Semiconductors manufacturer CML Microsystems reported a slump in profits as ongoing geopolitical issues and a slowing Chinese economy hurt growth.

For the year ended 31 March 2019, profit before tax fell to £2.98m from £4.58m and revenue slipped 11% to £28.14 from £16.17m a year earlier.

The company blamed the performance on a 'number of macroeconomic factors' outside of its control, including extended raw material supply chain lead times, weaker automotive sales, a softening of the Chinese economy and ongoing geopolitical issues.

The company recommended a final dividend of 5.8p, taking the full-year dividend to 7.8p for the year, unchanged on last year.

'Medium to long term market drivers remain strong and while timing of an improvement in external market conditions is difficult to foresee, further deterioration is not expected,' the company said.

'Our stated strategic focus of investing strongly in R&D to deliver future sales growth remains unchanged and our medium to long term prospects continue to strengthen. We will continue to closely monitor market conditions but are confident we are well placed for future growth as market conditions become more favourable,' said Chris Gurry, Group Managing Director of CML Microsystems.

At 9:43am: [LON:CML] CML Microsystems PLC share price was -16p at 261p

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