First dividend

Calnex unveils maiden payout amid robust trading

Tommy Cook of Calnex

Tommy Cook: step forward

Telecoms testing firm Calnex is paying a maiden interim dividend of 0.28 pence per share as it experiences continued strong levels of trading.

The Linlithgow-based firm said it expects performance in the first six month months to continue through the second half.

The group has seen a return to pre-COVID customer spending patterns in all regions, other than in China where demand has been in line with the previous year

Its robust cash position has allowed it to bring forward planned investment in the team to increase operational capability, in line with order growth.

It continues to deliver on its stated growth strategy and the board is confident in its ability to continue benefiting from the underlying market growth drivers in the telecoms market.

Revenue growth of 20% on prior year to £9.3m (H1 FY21: £7.7m) as a result of strong demand for telecoms testing equipment, ahead of management’s expectations at the start of FY22. Profit before tax was up 18.4% to £2.3m (£1.95m).

Shares in the company, which have doubled since its flotation on the AIM in October last year, closed 8.5p, or 6.4% lower at to 123.5p.

Tommy Cook, chief executive and founder, said: “These results mark another considerable step forward for Calnex, as we continue to capitalise on the global telecom industry’s transition to 5G and the growth of cloud computing.

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