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Spirent Communications (SPT)

IT Hardware

191.00p

	$ (Millions)	$ (Millions)	$ (Millions)	$ (Millions)	$ (Millions)
	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Continuing Operations
Revenue	474.30	607.50	576.00	522.40	503.60

EBITDA	22.20	104.80	140.20	126.00	93.30
Depreciation & Amortisation	23.00	24.70	(25.90)	(22.50)	n/a

Operating Profit/(Loss)	45.20	129.50	114.30	103.50	93.30
Interest Payable	(0.90)	(1.00)	(1.20)	(1.50)	n/a
Interest Receivable/Investment Income	5.40	2.90	0.60	1.60	n/a

Group Profit after Interest	49.70	131.40	113.70	103.60	93.30
Share of Assoc Cos/JV Profits	n/a	n/a	n/a	n/a	n/a

Profit Before Tax	49.70	131.40	113.70	103.60	93.30
Tax	(5.40)	(16.90)	(17.00)	(11.40)	(11.60)

Profit After Tax	44.30	114.50	96.70	92.20	81.70

Discontinued Operations
Profit After Tax	n/a	n/a	n/a	n/a	n/a

PROFIT FOR PERIOD	44.30	114.50	96.70	89.10	81.70

Attributable to:
Equity Holders of Parent Company	44.30	114.50	96.70	89.10	81.70
Minority Interests	n/a	n/a	n/a	n/a	n/a

Equity Dividends	_cn/a	_cn/a	_cn/a	_cn/a	_cn/a
Retained Profit/(Loss) for the Financial Year	_c44.30	_c114.50	_c96.70	_c89.10	_c81.70

Per Share Record - Normalised	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Continuing EPS
Earnings per Share - Basic	7.55¢	18.86¢	15.90¢	15.12¢	13.40¢
Earnings per Share - Diluted	7.50¢	18.75¢	15.76¢	14.97¢	13.23¢
Earnings per Share - Adjusted	7.55¢	18.86¢	16.59¢	14.68¢	13.40¢
Continuing and Discontinued EPS
Earnings per Share - Basic	7.55¢	18.86¢	0.16¢	14.61¢	13.40¢
Earnings per Share - Diluted	7.50¢	18.75¢	0.16¢	14.47¢	13.23¢
Earnings per Share - Adjusted	7.55¢	18.86¢	16.59¢	14.68¢	13.40¢

Dividend per Share	2.76¢	7.57¢	6.76¢	6.04¢	5.39¢

Key Financals	31-Dec-23	31-Dec-22	31-Dec-21	31-Dec-20	31-Dec-19
Shares in Issue (millions)
Shares in Issue - Year End	611.70	611.70	611.70	611.70	609.90
Weighted Average	586.70	607.00	608.20	609.70	609.90
Diluted	590.80	610.70	613.50	615.80	617.40

Performance Ratios
Continuing Operations
Operating Margin	9.53%	21.32%	19.84%	19.81%	18.53%
Return on Capital Employed	23.35%	44.97%	0.41%	32.68%	33.51%
Continuing Operations & Discontinued Operations
Return on Equity	11.69%	24.47%	0.21%	19.87%	20.14%

Financial Status
Continuing Operations
Interest Cover - Continuing	56.22	n/a	95.75	70.07	n/a
Revenue per Share	80.84¢	100.08¢	0.96¢	85.68¢	82.57¢
Pre-Tax Profit Per Share - Continuing	8.47¢	21.65¢	0.19¢	16.99¢	15.30¢

Market Data
Continuing Operations
Earnings Per Share Growth - Basic	-60%	19%	5%	13%	28%
Earnings Per Share Growth - Diluted	-60%	19%	5%	13%	28%
PE Ratio - Company Adjusted	20.5	17.3	21.8	21.9	23.5
PEG - Company Adjusted	n/a	0.9	4.4	1.7	0.8
Dividend Cover	2.74	2.49	2.35	2.50	2.49
Continuing Operations & Discontinued Operations
Earnings per Share - Company Adjusted	-60%	11,654%	-99%	9%	542%
Earnings per Share - Diluted	-60%	11,684%	-99%	9%	541%
PE Ratio - Company Adjusted	20.5	17.3	2,155.5	22.6	23.5
PEG - Company Adjusted	n/a	0.0	n/a	2.5	0.0
Dividend Cover	2.74	2.49	0.02	2.42	2.49

Market Capitalisation £ (Millions)	754.23	1,591.64	1,689.52	1,614.89	1,533.90
Dividend per Share	2.76¢	7.57¢	6.76¢	6.04¢	5.39¢
Dividend Yield	1.8%	2.3%	2.0%	1.8%	1.7%
Dividend per Share Growth	(63.54%)	11.98%	11.92%	12.06%	20.04%

* GAAP

a. Includes discontinued activities

b. Includes preference dividends

c. Not disclosed under IFRS

Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

Note 2: RiskGrade figures are provided by RiskMetrics.

Note 3: Above ratios are on a 'per annum' basis, adjusted for corporate actions and based on the fundamentals of the primary listed security.

Note 4: Under IFRS, all figures are based on 'Continuing' operations unless otherwise stated.

Note 5: Forecast figures based on normalised accounts.