CML Microsystems sells excess land at HQ for £7m

(Sharecast News) - AIM-listed tech group CML Microsystems has sold £7m of excess land at its headquarters in Essex as part of its ongoing strategy to "unlock value" from non-operational property assets. The company, which develops mixed-signal, RF and microwave semiconductors for the communications markets, has sold the land to Chapel 110 LLP and said the sale will not affect its operational activities.

The payment will be in two tranches over the current financial year, with £4m paid upfront and £3m next March.

The proceeds will help to strengthen the balance sheet and provide additional financial flexibility "to support ongoing growth opportunities", CML said.

"This transaction demonstrates further progress in realising value from our non-core property assets and reinforces our commitment to efficient capital management in support of long-term shareholder value creation," said chair Nigel Clark.

The stock was up 1.4% at 314.25p by 0810 BST.