(Alliance News) - Spirent Communications PLC on Tuesday said its 2023 results were in line with its revised expectations "following a challenging year".
The Crawley, England-based automated test and assurance solutions provider said full-year revenue closed at USD474 million, down 22% from USD607 million a year earlier.
Spirent expects to report an adjusted operating profit in line with the market consensus of USD45 million, within a range of USD37 million to USD50 million. Adjusted operating profit in 2022 was USD129.5 million, so another substantial annual fall.
Looking ahead, Spirent said it has started the new financial year with a growing order book, and is "well-placed" for the year ahead.
"We are making good progress diversifying and expanding our customer base, whilst our telco end market key customers are managing their own challenges driven by the macroeconomic environment," Chief Executive Eric Updyke said.
Spirent expects to publish its 2023 financial results on March 6.
Shares were up 4.3% to 120.80 pence each in London on Tuesday morning.
By Sabrina Penty, Alliance News reporter
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Spirent (SPT)