Calnex Solutions PLC Trading Update (0712S)
07 Mars 2023 - 8:00AM
UK Regulatory
TIDMCLX
RNS Number : 0712S
Calnex Solutions PLC
07 March 2023
This announcement contains inside information .
7 March 2023
Calnex Solutions plc
("Calnex", the "Company" or the "Group")
Trading Update
Calnex Solutions plc (AIM: CLX), a leading provider of test and
measurement solutions for the global telecommunications sector,
provides an update on the Company's trading performance for the
financial year ending 31 March 2023 ("FY23") and the outlook for
the following year to 31 March 2024 ("FY24").
Key Points
-- Solid revenue and profit performance in the second half of FY23
-- FY23 results expected to be in line with market expectations
-- Global macroeconomic outlook remains challenging
Update on Trading in FY23
The Company entered the second half of FY23 ("H2") with a strong
order book and successful conversion and delivery has led to the
anticipated improved performance in H2. Good progress has been made
in developing business in the data-centre sector and the
integration of iTrinegy has gone well, opening up opportunities in
the applications testing sector. As a result, the Board is pleased
to confirm that it expects a strong financial performance in FY23,
in line with market expectations and delivering double digit growth
across revenue and profits.
Outlook for FY24
The macroeconomic outlook remains challenging, with growth
slowing across the globe. Telecoms sector participants, including
global equipment manufacturers, have been adversely impacted, with
many recently reporting a general softening of demand for their
products and services in the short-term, albeit noting that the
long-term structural growth drivers remain strong.
In response to the macroenvironment, some of Calnex's customers
are currently taking a more cautious approach to investment
decisions until there is better visibility on their project
development timelines. Whilst these customers remain committed to
the delivery of projects which will rely on Calnex's test
instrumentation and solutions, the timing of these orders is less
certain and market-driven delays are likely to have an impact on
the Group's performance in FY24. Based on short-term order
run-rates, the Board believes that the financial performance in
FY24 will be below that achieved in FY23, with the Company's
revenues more heavily weighted to H2 of FY24.
The Board is confident that, as the industry spending cycle
normalises, the Company will see an uplift in orders from the
current, more subdued, levels. Calnex remains well placed to
capitalise on the underlying long-term growth drivers in the
telecoms and cloud computing markets and the Company will provide
an update on prospects for FY24 when the Preliminary Results for
FY23 are announced in May 2023.
Tommy Cook, Chief Executive Officer, and founder of Calnex,
said:
"We are pleased to anticipate delivering financial results for
FY23 in line with market expectations, with this solid performance
demonstrating the positive response from customers to our expanding
product set and our ability to successfully navigate the supply
chain challenges. While the global macroenvironment is influencing
order growth in the short-term, our expanded offering and strong
financial footing mean we are well-placed to return to a growth
trajectory once market confidence returns."
For more information, please contact:
Calnex Solutions plc Via Alma PR
Tommy Cook, Chief Executive Officer
Ashleigh Greenan, Chief Financial Officer
+44 (0)131 220
Cenkos Securities plc - NOMAD 6939
Derrick Lee, Peter Lynch
+ 44(0) 20 3405
Alma PR 0213
Caroline Forde, Hannah Campbell, Joe Pederzolli
Overview of Calnex
Calnex designs, produces and markets test instrumentation and
solutions for network synchronization and network emulation,
enabling its customers to validate the performance of the critical
infrastructure associated with telecoms networks. To date, Calnex
has secured and delivered orders to over 600 customer sites in 68
countries across the world. Customers include BT, China Mobile,
NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Meta.
Founded in 2006, Calnex is headquartered in Linlithgow,
Scotland, with additional locations in Belfast, Northern Ireland,
Stevenage, England and California in the US, supported by sales
teams in China and India. Calnex has a global network of partners,
providing worldwide distribution capability.
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END
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