LONDON (dpa-AFX) - Spirent Communications Plc (SPT.L, SPM), a provider of automated test and assurance solutions, Thursday reported strong performance in the fourth quarter.
For fiscal 2021, revenue grew 10 percent on a reported basis and 7 percent organically to $576 million, driven by strong order intake growth.
The company said it now expects to deliver an adjusted operating profit slightly ahead of market consensus, which represents good earnings growth over 2020.
In its trading update, the company said it recorded several important wins across all parts of the portfolio in the fourth quarter, despite the ongoing global supply chain challenges which have been managed extremely effectively.
The growth in orders resulted in a materially higher closing orderbook year-on-year, with increased visibility into outer years creating a robust foundation for the new financial year.
Cash closed at $175 million, with high cash conversion driven by continued effective working capital management.
Eric Updyke, Chief Executive Officer, said, '2021 progress represented another key milestone on our strategic journey where we again delivered strong financial performance... Spirent's customers continue to invest in 5G-related infrastructure, devices and services, a trend we expect to continue and I am delighted we are making strong progress with our strategic agenda to deliver sustainable profitable revenue growth.'
Spirent expects to announce its full year results on March 10.
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