Source - Alliance News

Calnex Solutions PLC - West Lothian, Scotland-based provider of test and measurement solutions for the telecommunications sector - Reports higher profit in the financial year that ended March 31. Pretax profit grows to £6.0 million from £3.6 million a year ago. Revenue rises to £22.0 million from £18.0 million.

Proposes a final dividend of 0.56 pence, after having paid a maiden interim dividend of 0.28p, bringing the total dividend to 0.84p for the financial year. Earnings per share climb to 5.19p from 4.68p a year ago.

‘To deliver record performance, exceeding market expectations, whilst dealing with the effects of a global pandemic and global semiconductor component shortages, is truly exceptional,’ says Chief Executive Officer Tommy Cook. The firm moves into financial year 2023 with a record order book, Cook adds.

‘The transition to 5G and growth in cloud computing continues to drive demand for test instrumentation and Calnex is in a strong position to continue benefitting from these market trends. We have made good progress in executing on our strategy, paving the way for accelerated future growth,’ company says.

Current stock price: 162.24 pence, down 2.9% on Tuesday

12-month change: up 40%

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