LINLITHGOW SOLUTIONS COMPANY SEES GROWTH DESPITE MARKET CHALLENGES
Calnex Solutions has grown its revenue by 23% to £22m following “robust” trading due to high demand for its test and measurement solutions.
The Linlithgow-based company’s audited results for the year ending 31 March 2022 also showed a rise in adjusted profit before tax by 18% to £6m.
Calnex confirmed that its closing cash position, including fixed term deposits, was £15.4m, while the number of customers ordering from the business increased from 199 to 233 during the year.
Its core business was supplemented by an expansion into O-RAN testing for 5G standards and data centre engagements, which continue to drive the requirement for performance testing.
Calnex also increased staffing levels across business development, sales, research and development and support roles, to “support growing customer demand, new product development and maximise exposure in new and existing territories”.
The group reported that demand for test equipment therefore remains strong, with the company starting the 2023 financial year with a record order book.
Revenue from the American region increased 23%, whilst the rest of the world experienced 31% uplift. Revenue from North Asia grew by 14% after a flat first half, due in part to the ongoing geopolitical tensions between the US and China.
The group proposed a final dividend of 56 pence per share, making a total of 84 pence per share for this year.
Tommy Cook (pictured above), chief executive and founder of Calnex, called it a “complicated year”, due to the effects of the pandemic and semiconductor component shortages.
Mr Cook said: “We have made good progress in executing on our strategy, paving the way for accelerated future growth.
The recent acquisition of iTrinegy represents a move into a new adjacent market and we anticipate accelerated sales in the long-term – and furthermore, we have invested in our team and resources.”
He added: “While looking to the future with a degree of caution given the continuing component shortage situation, we can take confidence from the ability with which we have managed the situation to date, successfully shipping scheduled orders as planned.”