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RNS Number : 5143Z
Spirent Communications PLC
13 January 2020
SPIRENT COMMUNICATIONS PLC
Trading Update 2019
London, UK - 13 January 2020: Spirent Communications plc
("Spirent", the "Company" or the "Group") (LSE: SPT), a leading
test, measurement, analytics and assurance technology company today
issues the following Trading Update for the final quarter of the
Company's financial year, from 1 October to 31 December 2019 and
for the year in full, noting all financial results are subject to
external audit.
Group performance
Good momentum continued into the final quarter of 2019, with the
Group securing a number of important contract wins. Our customers
continue to invest in 5G related infrastructure and solutions, a
trend we expect to continue.
For the full year, revenue grew by 5.5 per cent to $503 million
and we now expect to deliver an adjusted operating profit(1) in the
range of $91 to $93 million, up from $77.1 million in 2018.
In particular, we benefitted from strong growth from our
Networks & Security operating segment driven by increasing
demand for 400G high-speed Ethernet test solutions and the positive
momentum for our positioning products continued throughout 2019. We
saw strong order growth for our Lifecycle Service Assurance
solutions in the last quarter; however, delivery timing was largely
for 2020, resulting in broadly flat revenue for 2019. Connected
Devices, despite some revenue reduction driven by increased 4G
legacy decline, still delivered a solid operating profit
outturn.
Cash closed at $183 million, with high cash conversion driven
from continued strong working capital management.
Commenting on the results, Eric Updyke, Chief Executive Officer,
said:
"We are delighted to deliver another strong year of growth and
earnings improvement as further evidence that our strategy is
indeed working, and we expect to exceed the market's profit
expectations for the financial year 2019. We enter the new
financial year with a strong orderbook and we are well positioned
with leading technology to leverage more opportunities across our
portfolio. Over the medium term we expect to continue to deliver
mid-single digit revenue growth with a focus on increasing
recurring revenue streams to enhance the Group's visibility and
effective investment in our technical platforms to drive ongoing
performance."
Spirent will announce its full year results for the financial
year ended 31 December 2019 on Thursday 5 March 2020. The Company
will host a results presentation at 9.30am UK time on 5 March 2020
at FTI Consulting Limited, 200 Aldersgate, Aldersgate Street,
London EC1A 4HD.
A simultaneous webcast of the 2019 full year results
presentation will be available in the Investors section of the
Spirent Communications plc website
https://corporate.spirent.com/.
In addition, the Company will host a Capital Market event on 30
April 2020, at the offices of FTI Consulting Limited.
- ends -
Note
1. Adjusted operating profit is before charging exceptional
items, acquisition related costs, acquired intangible asset
amortisation and share-based payment.
Enquiries
Spirent Communications
Eric Updyke, Chief Executive Officer plc +44 (0)1293 767676
Paula Bell, Chief Financial & Operations
Officer
James Melville-Ross/Dwight Burden/Emma +44 (0)20 3727
Hall FTI Consulting 1000
About Spirent Communications plc
Spirent Communications plc (LSE: SPT) offers test, measurement,
analytics and assurance solutions for next-generation devices and
networks. Spirent provides products, services and information
solutions for high-speed Ethernet, positioning mobile network
infrastructure markets, with expanding focus on service assurance,
cybersecurity and 5G. Spirent is accelerating the transition of
connected devices, network equipment and applications from
development labs to the operational network, as it continues to
innovate toward fully-automated testing and autonomous service
assurance solutions. 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
http://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.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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