& cplSiteName &

Spirent Reports Q1 Interim Financials

Light Reading
News Wire Feed
Light Reading
4/23/2014
50%
50%

LONDON -- Spirent Communications plc ("Spirent", the "Company" or the "Group") (LSE: SPT), a leading communications technology company, announces the following unaudited Interim Management Statement covering the period from 1 January to 22 April 2014. All figures relating to trading are for the period 1 January to 31 March 2014.

Trading to date
Order intake in the first quarter of 2014 grew by 12% compared to the first quarter of 2013, with organic growth at 9%. Revenue for the period at $111.9 million showed a 16% increase, organically up 14%. This included revenue of $12.0 million within Service Assurance delayed from 2013 which distorted the Group's book to bill ratio reported as 91, the underlying ratio being 102. The investments set out in the full year results for 2013 are well under way. Further momentum is expected during the second quarter of 2014.

Highlights - first quarter 2014

Financial

  • Group revenue increased by 16% to $111.9 million (first quarter 2013: $96.8 million). Acquisitions completed during the first quarter of 2014 contributed $1.1 million.
  • Service Assurance revenue rose $13.2 million driven by revenue recognised of $12.0 million from field test orders delayed from 2013.
  • Order intake up 12% compared to the first quarter of 2013 with an improving trend in all segments; book to bill ratio at 91 for the Group was distorted by Service Assurance; underlying book to bill ratio of 102 (first quarter 2013: 94).
  • Adjusted operating profit increased to $11.4 million (first quarter 2013: $10.5 million) after additional investment in product development and sales and marketing of $6.8 million.
  • Free cash inflow of $2.9 million (first quarter 2013: $7.9 million) as working capital was absorbed to fund revenue growth.
  • Closing cash was $163.6 million at 31 March 2014 (31 December 2013: $216.2 million) after an outflow on two acquisitions of $39.2 million and $16.4 million for share repurchases.

    Operational
    With an expanding portfolio of innovative solutions, Spirent continues to focus on addressing the needs of its customers:

  • Huawei selected Spirent TestCenterTM to validate the performance of its latest CloudEngine data center switch in a test of massive scale;
  • Introduced SimSAFE, a test bed that enables evaluation of Global Navigation Satellite System ("GNSS") receiver resilience and aids the development of counter-measures;
  • Quantum was launched, an automated user experience analytics system for measuring and driving improvements to the battery life of mobile devices under a wide range of consumer usage scenarios;
  • Spirent made further contributions to advancing ultra-high bandwidth networking with release of a new high density 100G test solution supporting the latest-generation CFP4 optical transceiver interface;
  • China Mobile's research division, China Mobile Research Institute, selected Spirent Landslide to verify the performance of its 4G/3G evolved packet core network; and
  • Announced Spirent Velocity, the first open-framework, cloud-based test platform for rapid development and validation of software-defined networking and network functions virtualization technologies and deployments.

    Eric Hutchinson, Chief Executive Officer, commented: "Spirent has made significant progress at the start of 2014. The new company structure is established and new executives have been appointed to strengthen the management teams. Advances have been made in the development of new products and solutions and in driving our strategy at all levels. Market conditions have improved in all regions compared to 2013."

    Outlook
    Trading is currently in line with the Board's expectations of achieving high single digit organic revenue growth for the year, as set out at the time of the Preliminary Results and we are encouraged by the progress we are making towards the achievement of our planned goals in 2014.

    Spirent Communications plc

    (0)  | 
    Comment  | 
    Print  | 
  • Newest First  |  Oldest First  |  Threaded View        ADD A COMMENT
    From The Founder
    Cisco's Conrad Clemson, recently promoted to head up the company's Service Provider Apps & Platforms developments, talks to Light Reading's Founder and CEO Steve Saunders about how he's bringing cloud video, mobile and virtualization together to empower network operators.
    Flash Poll
    Live Streaming Video
    Charting the CSP's Future
    Six different communications service providers join to debate their visions of the future CSP, following a landmark presentation from AT&T on its massive virtualization efforts and a look back on where the telecom industry has been and where it's going from two industry veterans.
    LRTV Interviews
    MWC17: 5G, Cloud RAN & More

    2|21|17   |   04:35   |   (0) comments


    Ovum Senior Analyst Julian Bright talks to Scott Bicheno from Telecoms.com about all things MWC, including Cloud RAN, Huawei's pitch to the industry and the road to 5G.
    LRTV Interviews
    MWC 2017's Key 2-Letter Terms

    2|20|17   |   08:29   |   (1) comment


    5G, AI, VR... these are just some of the two-letter terms that will dominate show-floor chat at MWC 2017 in Barcelona, according to these two blow-hards (a.k.a. Scott Bicheno of Telecoms.com and Light Reading's Ray Le Maistre). And then there's PB...
    LRTV Interviews
    Key Trends for Mobile Operators in Developing Markets

    2|20|17   |   06:37   |   (0) comments


    Ovum's Matthew Reed talks to Scott Bicheno from Telecoms.com about the challenges and opportunities facing mobile operators in the developing markets of Africa and the Middle East.
    LRTV Documentaries
    YouTube Takes on Facebook Live-Streaming

    2|17|17   |     |   (0) comments


    Popular 'YouTubers' will be the first to get the new service on their smartphones. You have been warned.
    LRTV Custom TV
    Open Source NFV/SDN Automation

    2|17|17   |   05:54   |   (0) comments


    AT&T ECOMP (Enhanced Control, Orchestration, Management and Policy) code is transitioning into the Linux Foundation for placement into open source. In this video, Carol Wilson provides an update on the maturation of open source ECOMP and meets with industry leaders from AT&T, Bell Canada, Orange, Linux Foundation and Amdocs to discuss what this means for the ...
    LRTV Documentaries
    Uber & NASA Collaborate on Flying Car Project

    2|16|17   |     |   (0) comments


    Is Uber for real? Well, it's hired NASA engineer Mark Moore to lead the project, and he wouldn't come cheap.
    LRTV Documentaries
    Zuckerberg Tries Out the Oculus Rift VR Glove

    2|15|17   |     |   (0) comments


    Facebook CEO shows off a new way to interact with the Oculus Rift virtual reality headset: an Oculus glove.
    LRTV Custom TV
    Huawei Digital Transformation Forum 2017

    2|10|17   |     |   (0) comments


    Here's a preview of the upcoming Huawei Digital Transformation Forum taking place in Barcelona with trending telecom topics like cloud, IoT, 5G and much more!
    Telecom Innovators Video Showcase
    Dan Sahar of Qwilt on Open Edge Cloud Platform

    2|8|17   |   08:38   |   (0) comments


    Dan Sahar, Qwilt's co-founder, sits down with Steve Saunders of Light Reading for a conversation about Qwilt's Open Edge Cloud platform and the new role of service providers in application and content delivery.
    LRTV Documentaries
    ZeroStack's 'Self-Driving Cloud'

    2|7|17   |   01:09   |   (0) comments


    Its Z-Brain tech automates day-to-day management and long-term planning for hybrid clouds.
    Telecom Innovators Video Showcase
    Nominum's Craig Sprosts on DNS & Cybersecurity Trends

    2|7|17   |     |   (0) comments


    Nominum's Craig Sprosts talks about the fast-changing landscape of cybersecurity with Steve Saunders of Light Reading. Sprosts touches on the trend of the rise of ransomwares, rivals of IoT base attacks, and mobile network security. He also discusses the realization of the importance of IoT security after a recent cyber attack that paralyzed several major ...
    LRTV Documentaries
    China Moves Towards Mixed Ownership of Telcos

    2|1|17   |   01:10   |   (0) comments


    Chinese authorities are promoting new ownership models in order to raise capital.
    Upcoming Live Events
    March 21-22, 2017, The Curtis Hotel, Denver, CO
    March 22, 2017, The Curtis Hotel, Denver, CO
    March 22, 2017, The Curtis Hotel, Denver, CO
    May 15-17, 2017, Austin Convention Center, Austin, TX
    May 15, 2017, Austin Convention Center - Austin, TX
    June 6, 2017, The Joule Hotel, Dallas, TX
    All Upcoming Live Events
    Infographics
    With the mobile ecosystem becoming increasingly vulnerable to security threats, AdaptiveMobile has laid out some of the key considerations for the wireless community.
    Hot Topics
    Is the Time Right for a Cisco/Ericsson Wedding?
    Ray Le Maistre, Editor-in-chief, 2/17/2017
    Broadband Has a Problem on the Pole
    Mari Silbey, Senior Editor, Cable/Video, 2/21/2017
    Nice to See at Least One CSP Taking My Advice
    Mitch Wagner, Editor, Enterprise Cloud, 2/17/2017
    Charter Launches 5G Field Trials
    Mari Silbey, Senior Editor, Cable/Video, 2/16/2017
    RSAC 2017 in 4 Words
    Curtis Franklin, Security Editor, 2/17/2017
    Like Us on Facebook
    Twitter Feed
    BETWEEN THE CEOs - Executive Interviews
    Light Reading founder and CEO Steve Saunders chats with Sportlogiq CEO Craig Buntin about sports data analysis.
    Eyal Waldman, CEO of Mellanox Technologies, speaks to Steve Saunders, CEO of Light Reading, for an exclusive interview about the 100 GB cable challenge, cybersecurity and much more.
    Animals with Phones
    No One Likes This Click Here
    Take a hint!
    Live Digital Audio

    Playing it safe can only get you so far. Sometimes the biggest bets have the biggest payouts, and that is true in your career as well. For this radio show, Caroline Chan, general manager of the 5G Infrastructure Division of the Network Platform Group at Intel, will share her own personal story of how she successfully took big bets to build a successful career, as well as offer advice on how you can do the same. We’ll cover everything from how to overcome fear and manage risk, how to be prepared for where technology is going in the future and how to structure your career in a way to ensure you keep progressing. Chan, a seasoned telecom veteran and effective risk taker herself, will also leave plenty of time to answer all your questions live on the air.