REG - Spirent Comm PLC - Spirent Communications Plc Q1 2024 Trading Update

Spirent CommunicationsAnnouncement

01/05/2024 07:00

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RNS Number : 6734M  Spirent Communications PLC  01 May 2024

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

 Eric Updyke, Chief Executive Officer                    Spirent Communications plc    +44 (0)1293 767676

                                                                                       E: investor.relations@spirent.com (mailto:investor.relations@spirent.com)
 Paula Bell, Chief Financial & Operations Officer

 James Melville-Ross/                                    Dentons Global Advisors       +44 (0)20 7664 5095

Humza Vanderman/Leah Dudley

                                                                                       E: spirent@dentonsglobaladvisors.com
                                                                                       (mailto:spirent@dentonsglobaladvisors.com)

 

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/ (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
(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.

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