Fact sheet http://corporate.spirent.com Ticker LSE: SPT Sector Technology Hardware & Equipment About Spirent 2013 – Financial highlights At Spirent we inspire ideas that sit at the heart of everything we do. We are a global leader in communications test and measurement. We develop hardware and software solutions that help our customers innovate their products, systems and networks. Group revenue up 11% to $457.2 million (2013 $413.5 million) acquisitions contributed $18.6 million, with growth in all operating divisions and in all geographic regions. Book to bill ratio 103 (2013 105). Group adjusted operating profit $46.0 million (2013 $50.1 million) after absorbing $24.4 million increased organic investment in product development, sales and marketing and support services. Dividend up 10%. Final dividend proposed of 2.21 cents per Ordinary Share, giving full year dividend of 3.89 cents per Ordinary Share. Free cash flow $10.7 million (2013 $43.9 million) affected by high activity in December and investment in new improved leasehold facilities; cash closed at $99.8 million after acquisition consideration of $85.9 million and share buyback and dividends totalling $38.6 million. Spirent employs 1,700+ talented people working in 33 locations who serve our 1,700 customers worldwide. Spirent is listed on the London Stock Exchange. Spirent at a glance The Group is organised into three operating segments. Networks & Applications: Revenue 2014 $221.5m (2013 $213.4m) 1 Operating profit 2014 $7.6m (2013 $13.2m) Spirent’s networks and applications solutions develops innovative solutions for functional, performance and security testing of nextgeneration networks and applications that simulate real-world conditions in the lab, before a commercial launch. Divisional focus: Ethernet Data center/cloud/virtualization Applications and security Test automation, orchestration and management Mobility and wireless infrastructure Wireless & Service Experience: Revenue 2014 $178.6m (2013 $167.7m) 1 Operating profit 2014 $24.0m (2013 $33.8m) Spirent’s wireless and service experience solutions apply our innovation to functional and performance testing of 4G LTE and 3G mobile devices, services and infrastructure, and satellite positioning devices. Divisional focus: Wireless devices Wireless services, including VoLTE Satellite navigation and global positioning Wireless service experience Service Assurance: Revenue 2014 $57.1m (2013 $32.4m) 1 Operating profit 2014 $20.7m (2013 $9.0m) Spirent’s service assurance solutions allow service providers to diagnose, troubleshoot and determine how to resolve issues with networks and systems within the entire live network – whether virtualized or not. Divisional focus: Notable events during the year were as follows: Expansion of served markets through strategic technology acquisitions, including customer experience management, 4G voice and video services, and device intelligence; In high speed Ethernet we were the first vendor to show working 400G Ethernet test capability to meet early design and development needs, in conjunction with Huawei and Xilinx; For Mobility testing, we continued to be the choice of industry leaders, as China Mobile Research Institute used our Landslide solution to verify the performance of its 4G/3G evolved packet core network; We addressed the complex new testing challenges and scale demands of the latest wireless and machine-to-machine devices and services with the launch of our Elevate Test Framework, with an initial focus on voice over LTE (“VoLTE”) and rich communication services (“RCS”); Our security test solutions gained additional industry recognition, with Spirent Avalanche NEXT winning the “Best of Interop 2014” award in the Performance category for delivering application performance testing capabilities into the realm of traditional IT; In the areas of cloud and virtualization we advanced our position software-defined networking (“SDN”) testing with new capabilities for service providers on Spirent TestCenter and with Spirent Velocity, the first open-framework, cloud-based test platform for rapid development and validation of SDN and network functions virtualization technologies and deployments; We addressed the increasingly important issue of Global Navigation Satellite System (“GNSS”) vulnerability in critical applications with the release of Spirent’s SimSAFE, a test bed that enables evaluation of GNSS receiver resilience and aids in the development of counter measures. Substantial shareholders** Ethernet business services Field test solutions Mobile device management and analytics Customer experience management Note 1 Before exceptional items. Spirent share price Share price* 52-week closing price range Shares in issue with voting rights Market cap* 2013 – Operational and strategic highlights 88.00p 66.15-107.80p 611m £538m Ameriprise Financial, Inc. Prudential plc AXA Investment Managers SA Artemis Investment Management Limited Standard Life Investments Ltd Aviva plc Fidelity International Schroders plc Sun Life Assurance Company of Canada (UK) Ltd % held 13.03 11.10 7.77 5.38 5.29 4.91 4.82 4.41 3.82 **At 1 June 2015 Spirent has been notified of the following significant interests in its Ordinary Shares pursuant to Disclosure and Transparency Rule 5. *At 11 June 2015 Spirent Communications plc, Northwood Park, Gatwick Road, Crawley, West Sussex, RH10 9XN, United Kingdom Telephone +44 (0)1293 767676 | Fax +44 (0)1293 767677 | Registered office and Registered in England Number 470893 Further information about Spirent Communications plc can be found at http://corporate.spirent.com June 2015 Fact sheet http://corporate.spirent.com Ticker LSE: SPT Sector Technology Hardware & Equipment Our strategy Our vision is to be the leading experts in test and measurement technology in the data communications market worldwide. Expand the markets we serve This will be achieved through the extension of our test product portfolio to serve network and applications security, mobile communications quality of service in the live network, development of microchip technologies for data communications, and monitoring systems for live network deployments for service providers and enterprise. Establish and maintain technology leadership Through investment in product development engineering, the extension of our engagement with industry standards bodies, and close alignment with our customers who lead innovation in the industries we serve we will maintain and enhance our expertise. We aim to expand our competencies in test automation, efficiency and methodology, high performance test, scalability and in the replication of, and use of, live real-world traffic and conditions. Deepen our customer relationships Our partnership with our customers will be strengthened through new innovative solutions for their future needs and by extending the capabilities of our in-house expertise with an emphasis on quality of service, delivery and support. New relationships will be established with the expansion of our sales and marketing reach into new vertical segments and geographic regions. Acquire new capabilities and technologies Through expansion of our portfolio through partnerships, licensing technologies and/or the purchase of businesses. Invest in our people Spirent is its employees. Finding, keeping and engaging highly qualified and skilled employees are central to our ability to deliver on our strategy and to the success of our business. Maintain financial strength and flexibility Having a robust balance sheet and strong cash generation gives Spirent the ability to invest in organic growth, pursue strategic acquisitions and pay sustainable dividends to shareholders. We operate in markets that deliver high operating returns and operating performance and cash generation are closely aligned. Recent acquisitions Management Eric Hutchinson, Chief Executive Officer Eric was appointed to the Board in January 2000 as Chief Financial Officer and appointed Chief Executive Officer in September 2013. Before this appointment, Eric joined the Company in 1983 and worked in various roles in the finance function prior to his appointment as Chief Financial Officer. He is a Fellow of the Association of Chartered Certified Accountants and a member of the Financial Reporting Review Panel. Rachel Whiting, Chief Financial Officer Rachel was appointed to the Board in February 2014 as Chief Financial Officer. Rachel joined the Company in 1986, working in various roles within finance, before being appointed Head of Group Tax in 2003, and adding the role of Company Secretary in 2009. She is a Fellow of the Institute of Chartered Accountants in England & Wales and an Associate of the Chartered Institute of Taxation and of the Institute of Chartered Secretaries and Administrators. Key financials – Continuing operations $ million Reported revenue Reported operating profit 1 Adjusted operating profit Basic earnings per share (cents) Adjusted basic earnings per 1, 2 share (cents) 3 Dividend per share (cents) 4 Free cash flow 2014 457.2 23.7 46.0 2013 413.5 39.1 50.1 2012 472.4 108.1 118.3 3.35 5.10 12.11 5.82 3.89 10.7 5.71 3.54 43.9 13.02 3.22 84.0 Notes 1 Before exceptional items, acquisition related costs, acquired intangible asset amortisation and impairment and share-based payment. 2 Before tax effect of items in 1 and prior year tax. 3 Dividends are determined in US dollars and paid in sterling at the exchange rate prevailing when the dividend is proposed or declared. 4 Operating cash flow after tax, net interest and net capital expenditure. Spirent Communications plc acquires Mobilethink A/S 15 September 2014 - Spirent has acquired Mobilethink A/S (“Mobilethink”) and its wholly owned subsidiary, Tweakker ApS (“Tweakker”). Mobilethink is a provider of mobile device management, device analytics and intelligence solutions for mobile operators. Tweakker is a cloud-based mobile device configuration solution specifically targeted at Mobile Virtual Network Operators. Spirent Communications acquires Radvision's Technology Business Unit 2 July 2014 - Spirent has entered into a definitive agreement to acquire the assets of Radvision’s Technology Business Unit, the part of the Radvision business responsible for delivering industry-leading developer solutions. Spirent Communications plc, Northwood Park, Gatwick Road, Crawley, West Sussex, RH10 9XN, United Kingdom Telephone +44 (0)1293 767676 | Fax +44 (0)1293 767677 | Registered office and Registered in England Number 470893 Further information about Spirent Communications plc can be found at http://corporate.spirent.com June 2015
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