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August 3, 2009

Spirent H1 revenue up 15%

Operating profit rose 14% to £24m

By CBR Staff Writer

UK-based Spirent Communications has reported an increase of 15% in its revenue for the first half of 2009, compared to the same period last year. The company said currency movements showed a favourable impact during the quarter.

The company posted revenue of £139.1m, up from £120.5m in the first half of 2008. At constant currencies, revenue was down 10%. Operating profit rose 14% to £24m in the first half of 2009, compared to £21m in the same period last year. Operating profit decreased by 16% at constant currency.

For the first half ended June 28, 2009, the company posted a pre-tax profit of £23.6m, increased marginally compared to £23.4m in the same period last year. Free cash flow was £27.1m representing 19% of sales, compared to £17.8m in the first half of 2008.

Performance Analysis business sales, which increased in sterling by 16%, declined in constant currencies by 10% compared with the first half of 2008. This decline was driven by delays in development expenditure imposed by network equipment manufacturers, especially in the US, the company said.

Service Assurance has maintained profitability on a similar decrease in sales, whilst making investment in new ethernet and field test technologies targeted at both traditional telecommunications service providers as well as cable multiple system operators. The Systems business has also maintained profitability despite the reduced demand for industrial product applications and slowdown in consumer demand for privately funded mobility scooters, according to the company.

Bill Burns, chief executive officer of Spirent, said: In difficult market conditions, Spirent has maintained profitability and gained market share. We have introduced new products and technologies unabated allowing us to deliver best-in-class solutions to our customers in growing markets such as smartphones.

“Revenue in the key Performance Analysis business was in line with expectations which, combined with the benefits realised from careful cost management, resulted in a solid first half performance. Whilst the market remains challenging, Spirent is in good shape to deliver on our expected performance in 2009.

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