Spirent Communications PLC on Tuesday said its 2023 results were in line with its revised expectations ‘following a challenging year’.

The Crawley, England-based automated test and assurance solutions provider said full-year revenue closed at $474 million, down 22% from $607 million a year earlier.

Spirent expects to report an adjusted operating profit in line with the market consensus of $45 million, within a range of $37 million to $50 million. Adjusted operating profit in 2022 was $129.5 million, so another substantial annual fall.

Looking ahead, Spirent said it has started the new financial year with a growing order book, and is ‘well-placed’ for the year ahead.

‘We are making good progress diversifying and expanding our customer base, whilst our telco end market key customers are managing their own challenges driven by the macroeconomic environment,’ Chief Executive Eric Updyke said.

Spirent expects to publish its 2023 financial results on March 6.

Shares were up 4.3% to 120.80 pence each in London on Tuesday morning.

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