(Alliance News) - Spirent Communications PLC on Wednesday said despite a decline in customer spending driving a plunge in its half-year profit and revenue, it has increased its interim dividend and will maintain its full-year outlook.
The Crawley, England-based automated test and assurance solutions provider said in the six months to June 30, pretax profit fell by 88% to USD4.8 million from USD40.3 million a year prior, as revenue dropped by 20% to USD223.9 million from USD295.5 million the year prior.
Spirent attributed this to the "industry-wide slowdown in customer spending".
Spirent declared an interim dividend of USD2.76 pence per share, up 4.9% from USD2.63p per share the year before.
Looking ahead, Spirent said it will maintain its full-year expectations, forecasting a more weighted performance in the second half of 2023.
Chief Executive Officer Eric Updyke said: "In both the near and long term, we remain confident in our strategy, our high-quality operating model and the diversified strengths of our portfolio that leave us well positioned to deliver growth and value."
Shares in Spirent were down 4.5% at 160.50 pence each in London on Wednesday morning.
By Sabrina Penty, Alliance News reporter
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Spirent (SPT)