The organization, which provides test and measurement services for the global telecommunications industry, revealed that unaudited revenue for the six-month period ended September 30 was £ 9.3million, a jump of ‘about one-fifth year on year, attributed to strong demand for telecommunications test equipment.
Basic profit rose 13.2% from the previous 12 months to £ 3.9million, and pre-tax profit rose 18.4% to £ 2.3million, with a first interim dividend of 0.28 pence per ordinary share also announced.
Calnex reported the period marked by even stronger demand for test instruments, “with new product launches having been well received,” a return to pre-Covid customer spending patterns in all regions, to the except China where demand was in line with the previous year and increased. company staffing levels, for example. It has added 19 people in the past 12 months, bringing the total workforce to 113.
West Lothian’s Calnex Solutions Surpasses Market Hopes With First Full Year Results
The company, which debuted in the alternative investment market in October 2020, said the high trading levels seen in the first half of the year continued into the second, and demand for telecom test equipment remains high. – while monitoring the global semiconductor shortage, but is seeing “no negative impact to date”.
Regarding potential deals, the firm said targeted acquisitions “remain a favorable path” to help accelerate growth. “Opportunities the board would consider include complementary products or technologies that can enhance Calnex’s existing portfolio, or where the acquisition target gives the group access to a related or adjacent growth market. “
Founder and CEO Tommy Cook said, “These results mark another huge step forward for Calnex, as we continue to capitalize on the global telecommunications industry’s transition to 5G and the growth of cloud computing. “
He added that interim results are “significantly” ahead of board expectations at the start of the year, “and confidence levels remain high, with the first signs being that sales momentum will continue into the second half of the year. “.
Mr. Cook added, “We have invested in our people and resources, and the continued positive response to new product launches gives optimism about the long-term demand for our offering.
“The breadth of our customer base in multiple regions, combined with the continued and successful expansion of the team, our client relationships and our relationships with the industry, put us in a strong position to continue to benefit from the underlying growth drivers. underlying telecommunications market. “
Cenkos analyst Ian McInally said: “The growing number and breadth of the customer base around the world, combined with the successful scale-up of the operational side of the business, places Calnex in a good position to continue its growth and benefit from powerful long-term drivers. within telecoms and networks