5th Aug 2015 09:06
LONDON (Alliance News) - Spirent Communications PLC Wednesday said it made a pretax loss in the first half of 2015, having made a profit the year before, and said it expects profit for the full year to be materially below expectations.
Shares in Spirent were trading down 16% at 79.00 pence each on Wednesday morning following the announcement.
The communications technology company said it made a pretax loss of USD2.3 million in the six months ended June 30, having made a pretax profit of USD13.9 million in the same period the year before, as it increased investments in the business.
Revenue also fell to USD218.7 million from USD221.0 million, which it said was down to many orders being received too late to be converted into sales, although order intake rose 4% to USD226.2 million from USD217.0 million.
Spirent will pay an interim dividend of 1.68 pence per share, flat year-on-year.
"We expect the second half to show growth compared to last year and revenue for the full year to be in line with expectations. Despite the low profitability in the first half, the board will continue, in 2015, to invest in new products and its acquisitions given the opportunities for growth in this time of unparalleled change. As a result we expect profits for the year will be materially below our expectations," Spirent said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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