10th Nov 2022 11:17
(Alliance News) - Spirent Communications PLC on Thursday said its full-year expectations remain unchanged, following a "robust" period of trading in the third quarter.
Spirent is a Crawley, England-based automated test and assurance solutions provider for networks, cybersecurity and positioning.
For the three months ended September 30, the company said it produced a strong trading performance, a high win rate and record orderbook.
It added that this was despite customer decision delays in recent weeks.
For the nine months to the end of September, Spirent delivered 10% revenue growth, continuing to build the scale and quality of its orderbook. It said that 5G continues to be a "strong and enduring driver of growth in demand" across its increasingly software-based solutions portfolio.
Looking ahead, the company does not expect any material improvement to the sourcing environment until "sometime next year". However, it said it has experienced a stabilisation of both lead times and cost increases.
"Spirent will continue to benefit from the long-term structural growth drivers in our industry as our customers demand more rigorous end-to-end assurance and testing solutions to deliver faster, more resilient, more reliable networks. Our market leadership position and differentiated, high-quality operating model leaves us well placed to build on our track record of sustainable value creation through the cycle," said Chief Executive Officer Eric Updyke.
Its full-year expectations remain unchanged.
Spirent shares were trading 2.1% lower at 260.60 pence each in London on Thursday morning.
By Holly Beveridge; [email protected]
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