(Alliance News) - Spirent Communications PLC on Thursday said its performance in the first quarter was in line with expectations and consistent with industry trends, as it reported a slight decrease in revenue.
The Crawley, England-based automated test and assurance solutions provider said its first quarter performance was in line with the management plan communicated in March. Spirent said revenue decreased by 20% compared with the first quarter of 2022, but did not provide figures.
Spirent said its orderbook remained strong despite a slight decline from its "record" USD288 million position at the end of 2022. It said it secured multiple large 5G contract wins during the period and an open radio access network contract from "one of the leading and pioneering customers in [5G lab and live network test and assurance]" but did not name its clients.
Spirent did not declare a dividend for the quarter but said its final 2022 dividend of 4.94 pence per share will be paid on Wednesday next week.
Spirent in March reported pretax profit for last year of USD114.6 million, up from USD103.6 million in 2021. Revenue had increased 5.5% to USD607.5 million from USD576.0 million.
Spirent said it had seen customer order delays, in line with industry trends, but expected increased momentum later this year. It said full year expectations remained unchanged.
"We continue to stay close to our customers to support their investment planning decisions. Rolling out the necessary infrastructure and applications for 5G, in particular, remains a key priority for them," Chief Executive Officer Eric Updyke commented.
He added: "Our diversified portfolio of solutions and services, combined with our robust operating model has helped mitigate the industry-wide technical cyclicality as we focus on expanding our customer base in the growing area of live network test and assurance with innovative software solutions."
Spirent's shares were up 0.1% in London on Thursday at 177.20p each.
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Spirent (SPT)