Spirent Communications posts rise in FY profit, declares special divi
By Michele Maatouk
Date: Thursday 11 Mar 2021
(Sharecast News) - Spirent Communications reported a rise in full-year profit on Thursday and declared a special dividend despite "a challenging environment" due to the Covid-19 pandemic.
In the year to the end of December 2020, adjusted pre-tax profit jumped 10% to $103.6m on revenue of $522.4m, up 4% from 2019. The company's order intake ticked up 1% to $539.4m.
The dividend per share was lifted 12% to 6.04 cents and Spirent declared a special dividend of 7.50 cents a share.
Spirent said it had seen strong demand over the year for both lab and live assurance solutions and its new 5G device testing solutions and services.
Chief executive Eric Updyke said: "Our results today provide further evidence that our strategy is working. Our business model has proved resilient, we have successfully navigated a challenging environment and we delivered strong earnings growth, without any financial support, use of furlough schemes or staff reductions due to Covid-19.
"Our operational performance, continued margin progression and effective working capital management, along with the opportunities we see ahead, give us confidence to increase our dividend and today commit to a special dividend."
Spirent provides automated test and assurance solutions for networks, cybersecurity, and positioning.
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