SPIRENT COMMUNICATIONS
PLC
First Quarter 2024 Trading Update
Performance in line with plan
London, UK - 1 May 2024:
Spirent Communications plc ("Spirent", the
"Company" or the "Group") (LSE: SPT), the leading provider of
automated test and assurance solutions for next-generation devices
and networks, today issues the following Trading Update for the
period 1 January to 31 March 2024.
Group performance
Market conditions remain
challenging, with market drivers in line with the previous 12
months. We have continued to engage closely with our customers,
understanding their needs and potential challenges to deliver the
right solutions for them. Our expectations for the full year remain
unchanged.
First quarter revenue is in line
with the management plan, though modestly behind the same
comparator period for last year. Previously taken cost saving
actions have continued to favourably impact our
performance.
We continue to build an active
pipeline for automation and assurance solutions within the
Financial Services sector. Important wins in the period included a
competitive benchmarking solution win with a US Tier 1 service
provider and an important Open RAN order with a hyperscaler
customer.
Financial position
We continue to maintain a strong
balance sheet. Cash closed at $135 million at the end of March 2024
demonstrating continued effective cash management.
Other
As previously announced, Spirent has
received cash offers for the Company from each of Viavi Solutions
Inc. and Keysight Technologies Inc. The scheme document in relation
to the Keysight Offer was posted to shareholders on 25 April 2024
and the Keysight Offer Court Meeting and Keysight Offer General
Meeting are scheduled for 22 May 2024. As announced on 17 April
2024, the Viavi Offer Meetings originally scheduled for today's
date are expected to be adjourned indefinitely later today. All
defined terms used in this paragraph are as defined in the
announcement made by the Company on 17 April 2024.
Given the ongoing offer process, the
Company is now not proposing to evolve its external reporting
segments and will continue to report financial results for both the
Networks & Security, and Lifecycle Assurance
segments.
- ends -
Enquiries
About Spirent Communications plc
Spirent Communications plc (LSE:
SPT) is the leading global provider of automated test and assurance
solutions for networks, cybersecurity and positioning. The Company
provides innovative products, services and managed solutions that
address the test, assurance and automation challenges of a new
generation of technologies, including 5G, SD-WAN, Cloud, autonomous
vehicles and beyond. From the lab to the real world, Spirent helps
companies deliver on their promise to their customers of a new
generation of connected devices and technologies.
Further information about Spirent Communications
plc can be found at https://corporate.spirent.com/.
Spirent Communications plc Ordinary
Shares are traded on the London Stock Exchange (ticker: SPT; LEI:
213800HKCUNWP1916L38). The Company operates a Level 1 American
Depositary Receipt (ADR) programme with each ADR representing four
Spirent Communications plc Ordinary Shares. The ADRs trade in the
US over-the-counter (OTC) market under the symbol SPMYY and the
CUSIP number is 84856M209. Spirent ADRs are quoted on the Pink OTC
Markets electronic quotation service which can be found at
https://www.otcmarkets.com/marketplaces/otc-pink.
Spirent and the Spirent logo are
trademarks or registered trademarks of Spirent Communications plc.
All other trademarks or registered trademarks mentioned herein are
held by their respective companies. All rights reserved.
Cautionary statement regarding forward-looking
statements
This document may contain forward-looking statements which are
made in good faith and are based on current expectations or
beliefs, as well as assumptions about future events. You can
sometimes, but not always, identify these statements by the use of
a date in the future or such words as "will", "anticipate",
"estimate", "expect", "project", "intend", "plan", "should", "may",
"assume" and other similar words. By their nature, forward-looking
statements are inherently predictive and speculative and involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. You should not place
undue reliance on these forward-looking statements, which are not a
guarantee of future performance and are subject to factors that
could cause our actual results to differ materially from those
expressed or implied by these statements. The Company undertakes no
obligation to update any forward-looking statements contained in
this document, whether as a result of new information, future
events or otherwise.