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Semiconductors company CML Microsystems unveiled a special dividend after reporting lower annual profit as the impact of Covid-19 weighed on revenue growth.
For the year ended 31 March 2021, pre-tax profit fell to £0.01 million from £1.18 million year-on-year as revenue fell to £12.5 million from £15.0 million.
The COVID-19 pandemic hit 'the voice centric radio manufacturers hard and as CML is a component supplier into this market our revenues here have suffered accordingly,' the company said.
The company recommended a final special dividend payment of 50p per ordinary share, equating to a total for the year of 52p up from 4p last year.
'In accordance with the announcement on 1 June 2021, the company is planning to cancel its standard listing on the Main Market of the London Stock Exchange and move to AIM, subject to shareholder approval at the company's AGM,' the company said.
'The move to AIM will enable the company to improve its flexibility in relation to future corporate actions and although organic growth is the immediate focus, the possibility of further small acquisitions cannot be ruled out,' it added.