12th Nov 2020 11:07
(Alliance News) - Spirent Communications PLC said Thursday it is "confident" of making progress in 2020.
Shares in the midcap telecommunications firm were down 4.2% in London on Thursday morning at 272.18 pence each.
Spirent said its trading in the third quarter - the three months to September 30 - was similar to the second quarter where demand for its 5G-led Assurance products continued to show "strong growth", offsetting some "market softness" in order placement for Positioning products from US government contractors, which have been affected by Covid-19 with many office and lab closures.
"Year to date revenue growth is tracking broadly in line with our stated mid-single digit target," Spirent added.
For 2019, Spirent recorded revenue of USD503.6 million.
Chief Executive Eric Updyke said: "I am delighted with the ongoing determination and adaptability of all staff at Spirent ensuring our commitment to our customers. The demand for data and communications continues to strengthen as customers carefully manage through the pandemic."
"I am delighted with the ongoing determination and adaptability of all staff at Spirent ensuring our commitment to our customers. The demand for data and communications continues to strengthen as customers carefully manage through the pandemic," he continued.
Updyke added: "Overall, we are on track to show full year progress in 2020 with, as in previous years, trading performance weighted to the second half of the year and to the final quarter. Our expectations for the full year remain unchanged."
By Paul McGowan; [email protected]
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