19 August 2021

Calnex Solutions plc

("Calnex", the "Company" or the "Group")

AGM Statement

Calnex Solutions plc, an established provider of test and measurement solutions for the global telecommunications sector, is pleased to provide an update on trading ahead of its Annual General Meeting taking place at 9am today.

Calnex has continued to achieve strong trading and good order levels in the first quarter of FY22, in line with the Board's expectations.   Of note in the first few months of the year has been a positive response to the Group's enhancements to its Lab Sync platform, Paragon-Neo, with customers placing encouraging levels of pre-orders ahead of launch later in the year. This new functionality will support testing on the very high speed 400G interface and the new PAM4 interface format. This is a key technology development which is expected to be widely adopted, as organisations upgrade their network infrastructure to cope with the increasing amount of data as a result of the increase in cloud computing and evolution to 5G.  Additional recent product developments include the enhancement of our Field Sync platform with, what the Board believes is, the unique ability to test 5G Networks alongside the 3G and 4G support already available, increasing the attractiveness of the platform as telecoms operators look to maintaining their new 5G networks.  Whilst cognisant of the uncertainty in the wider industry over the ongoing global semiconductor shortage, the Group has not experienced any negative impact on the ability to manufacture and ship product to date, and the Board continues to monitor the situation closely.

The Company was also pleased to receive a Gold standard accreditation from Investors in People, reflecting recognition of Calnex as an organisation with the very best in people management excellence.

The strength of trading and positive evolutionary trends affecting the telecoms sector described above provide the Board with continued  confidence in Calnex's ability to deliver on its growth strategy and a positive outcome to the year in line with current market expectations.

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Overview of Calnex

Calnex designs, produces and markets test instrumentation and solutions for network synchronization and network emulation, enabling its customers to validate the performance of the critical infrastructure associated with telecoms networks.   To date, Calnex has secured and delivered orders to over 600 customer sites in 68 countries across the world. Customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook.

Founded in 2006, Calnex is headquartered in Linlithgow, Scotland, with additional locations in Belfast, Northern Ireland and California in the US, supported by sales teams in China and India. Calnex has a global network of partners, providing a worldwide distribution capability.