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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Spirent Communications Plc | LSE:SPT | London | Ordinary Share | GB0004726096 | ORD 3 1/3P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 1.10 | 0.57% | 192.90 | 192.90 | 193.20 | 195.80 | 191.60 | 192.00 | 624,987 | 16:14:15 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 474.3M | 25.2M | 0.0435 | 44.46 | 1.12B |
From Apr 2019 to Apr 2024
TIDMSPT
RNS Number : 9176A
Spirent Communications PLC
29 March 2017
SPIRENT COMMUNICATIONS PLC
ANNUAL REPORT 2016 AND ASSOCIATED DOCUMENTS
London, UK - 29 March 2017 - Spirent Communications plc (the "Company") (LSE: SPT), a leading communications technology company, announces that its Annual General Meeting will be held on Wednesday 3 May 2017 at 10.30am at the offices of Spirent Communications, Aspen Way, Paignton TQ4 7QR.
In compliance with Listing Rule 9.6.1R, the following documents have today been submitted to the National Storage Mechanism and will shortly be available for inspection at www.morningstar.co.uk/uk/NSM
-- Annual Report 2016 -- Notice of 2017 Annual General Meeting -- Form of Proxy for 2017 Annual General Meeting
The Annual Report 2016 and Notice of 2017 Annual General Meeting are also available in the Investors section of the Spirent Communications plc website at http://corporate.spirent.com/ .
A condensed set of the financial statements for the year ended 31 December 2016 together with information on important events that occurred during that financial year and their impact on the financial statements were contained in the Preliminary Results announcement made on 2 March 2017. That information, together with the information set out in the appendices to this announcement, which is extracted from the Annual Report, constitute the material required by Disclosure Guidance & Transparency Rule 6.3.5R which is required to be communicated to the media in full unedited text through a Regulatory Information Service. This announcement is not a substitute for reading the Annual Report.
- ends -
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Michelle Balch Spirent Communications +44 (0)1293
Deputy Company Secretary plc 767676
About Spirent Communications plc
Spirent Communications plc is a global leader in test and measurement inspiring innovation within development labs, communication networks and IT organisations. We enable today's communication ecosystem as well as tomorrow's emerging enterprises to deploy life enriching communications networks, devices, services and applications. Further information about Spirent Communications plc can be found at http://corporate.spirent.com/.
Spirent Communications plc Ordinary Shares are traded on the London Stock Exchange (ticker: SPT). The Company operates a Level 1 American Depositary Receipt ("ADR") programme with each ADR representing four Spirent Communications plc Ordinary Shares. The ADRs trade in the US over-the-counter ("OTC") market under the symbol SPMYY and the CUSIP number is 84856M209. Spirent ADRs are quoted on the Pink OTC Markets electronic quotation service which can be found at http://www.otcmarkets.com/marketplaces/otc-pink.
Spirent and the Spirent logo are trademarks or registered trademarks of Spirent Communications plc. All other trademarks or registered trademarks mentioned herein are held by their respective companies. All rights reserved.
Cautionary statement regarding forward-looking statements
This document may contain forward-looking statements which are made in good faith and are based on current expectations or beliefs, as well as assumptions about future events. You can sometimes, but not always, identify these statements by the use of a date in the future or such words as "will", "anticipate", "estimate", "expect", "project", "intend", "plan", "should", "may", "assume" and other similar words. By their nature, forward-looking statements are inherently predictive and speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. You should not place undue reliance on these forward-looking statements, which are not a guarantee of future performance and are subject to factors that could cause our actual results to differ materially from those expressed or implied by these statements. The Company undertakes no obligation to update any forward-looking statements contained in this document, whether as a result of new information, future events or otherwise.
Appendices
Appendix A: Responsibility statement
The Annual Report and consolidated financial statements are the responsibility of, and have been approved by, the directors.
Each of the directors confirms that, to the best of their knowledge:
-- the consolidated financial statements of the Group and parent Company financial statements, prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and the profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and
-- the Annual Report includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face.
By Order of the Board
Paula Bell
Chief Financial Officer
2 March 2017
Appendix B: Related party transactions
Remuneration of key management personnel
The remuneration of the directors, who are the key management personnel of the Group, is disclosed in the Report on directors' remuneration.
There were no other material related party transactions during the year ended 31 December 2016.
Appendix C: Our principal risks and uncertainties
RISK POTENTIAL IMPACT MITIGATION ACTIONS
--------------------------- --------------------------- ----------------------------
MACRO-ECONOMIC
--------------------------------------------------------------------------------------
Spirent is a Deterioration The Group closely
global business in economic conditions monitors both
exposed to current and a change market and geographic
world economic to the terms trends in order
conditions and of conventional to respond to
political uncertainties international changes in demand
over which it trade may lead and be in a position
has no control. to a reduction to take timely
The business in the level actions to protect
is also exposed of demand for profitability
to government Spirent's products where possible.
spending priorities, and services
principally in and cause customers In addition,
the United States. to delay their Spirent has a
purchasing decisions. large number
of geographically
diverse customers,
which may mitigate
the impact of
issues in any
one area.
--------------------------- --------------------------- ----------------------------
TECHNOLOGY CHANGE
--------------------------------------------------------------------------------------
Spirent sells If product development All Spirent's
complex solutions investment does businesses work
in industries not keep pace very closely
that can be subject with the speed with customers
to rapid technological of change in and remain focused
changes. Testing technologies, on their requirements.
new technologies or if it is not
drives our business, directed at the Each business
but the opportunity right key areas, makes investment
also brings high our competitive decisions specifically
risk since keeping position and related to their
at the forefront financial performance solutions portfolio
of these key will suffer. based on market
future technologies needs.
is critical to If Spirent's
our success and solutions take Spirent continues
to ensuring that longer to develop to make a significant
we remain competitive than anticipated investment in
in our markets. or longer to product development.
develop than In 2016 the investment
It is critical our competitors was $111.7 million
that our product then our competitive (2015 $118.3
development investment position and million).
is directed at financial performance
the right areas will also suffer. Spirent has active
in order to deliver intellectual
the solutions Changes in technologies property protection
that our customers may lead to a programmes in
need, when they short-term pause place to obtain
need them. by our customers appropriate protection
investing in in a cost-effective
Spirent's success our solutions. manner.
is dependent
in part on proprietary Intellectual
technology which property claims
may be infringed can result in
by others. Protecting significant defence
the Group's proprietary costs, and may
technology is affect Spirent's
important to ability to market
enable Spirent its products.
to compete successfully.
--------------------------- --------------------------- ----------------------------
CUSTOMER DEPENCE / CUSTOMER INVESTMENT
PLANS
--------------------------------------------------------------------------------------
The Group sells Loss of one or Strong customer
its products more of Spirent's relationships
and services major customers are critical
to a wide range could have a to Spirent. We
of companies significant impact aim to provide
and continually on Spirent's innovative solutions
seeks to expand financial results. which meet customers'
its customer needs and we
base. In 2016, Spend on Spirent's place great emphasis
no one customer products is often on providing
accounted for capital in nature professional
more than 10 and so customer service and support.
per cent of Group spend can fluctuate
revenue, although significantly One of the Group's
the top 10 customers from year-to-year. strategic objectives
represented 40 is to invest
per cent of Group Significant failings in deepening
revenue (2015 in either quality our customer
39 per cent). or being able relationships.
In some of our to deliver in We place engineers
markets certain the appropriate on-site with
customers have timescale could our customers,
a dominant market cause long lasting undertake site
share, which damage to Spirent's surveys of the
makes doing business reputation and use and intended
with these customers relationships. plans for the
and their suppliers use of test solutions
critical to the Over recent years in their business.
success of our there has been
business. significant consolidation We seek to establish
in our customer thought leadership
In addition, base amongst in our industry
many of the companies the service providers through participation
with which we and network equipment in standards
do business are manufacturers. bodies and industry
some of the largest This trend continues forums, which
global telecommunications and the resulting in turn creates
corporations. delays in spending additional links
Therefore meeting thereby reducing with customers.
our development demand for Spirent's Our approach
obligations, solutions and is to play a
producing high services and key part in the
quality products, also reduce the wider supply
and being on potential number chain to our
time are vital of customers key service provider
to Spirent's to whom those customers by
reputation and solutions and aligning with
success. services could early adopters
be sold. of technology.
Changes in our
major customers' Changes in our
priorities in customers' technology
technology investments investments can
can also have result in reduced
a significant spending on our
impact on their existing solutions
spending on Spirent before customers
products and and those in
by those in the the customer's
customers' supply supply chain
chain. increase spending
on new technologies.
The industry
continues to
experience consolidation
which does disrupt
the spending
patterns of affected
customers.
--------------------------- --------------------------- ----------------------------
COMPETITION
--------------------------------------------------------------------------------------
Spirent operates Actions by competitors The Group's broad
in a range of and increased solution portfolio,
highly competitive competition can market-leading
niche markets bring about pressure capabilities
which experience on Spirent's and customer
rapid technological gross margin. focus continue
change. In order These factors to address this
to compete effectively could also affect risk.
it is necessary Spirent's competitive
to establish position, thereby Spirent aims
and maintain reducing revenue to maintain market-leading
technological and consequently positions through
differentiation affecting financial significant investment
in our solutions. results. in the development
of differentiated
The Group faces In the last two products.
competition from years significant
new market start-ups consolidation Competitor activity
as well as more has been announced is closely monitored
established and in our sector. with a view to
well-resourced As competitors maintaining clear
companies. merge, this brings differentiation
opportunities based on Spirent's
Industry consolidation for Spirent but products, services
amongst our direct can also change and global reach.
competitors may the competitive
bring about a landscape as
shift in competitive competitors are
advantage. able to leverage
enhanced product
capabilities
or sales channels.
--------------------------- --------------------------- ----------------------------
ACQUISITIONS
--------------------------------------------------------------------------------------
A key element Underperformance Rigorous strategic
of Spirent's by acquisitions and financial
strategy is to will impact the evaluations of
develop new capabilities Group's results all acquisition
and technologies, and may lead opportunities
sometimes through to impairment are carried out.
acquisition. of goodwill and/or Detailed financial
intangible assets and commercial
Integration of due diligence
acquisitions is performed.
can be a complex The Board will
process and the only authorise
results expected transactions
from acquisitions after all due
may not be achieved diligence has
due to problems been successfully
encountered in completed and
integration, where the financial
changes in market hurdles are within
conditions, the the agreed guidelines.
rate of adoption
of new technologies, Integration plans
or sometimes and processes
deficiencies are carefully
arising in the considered prior
due diligence to acquisition.
processes
The Board reviews
post-acquisition
performance.
--------------------------- --------------------------- ----------------------------
BUSINESS CONTINUITY
--------------------------------------------------------------------------------------
Operational risks A significant An important
are present in natural disaster component of
the Group's businesses, could disrupt Spirent's corporate
including the the Group's ability governance is
risk of failed to conduct business its risk management
internal and and adversely strategy. IT
external processes impact revenue disaster recovery
and systems, and operating plans are in
human error and results. place for all
external events, core business
such as a natural Disruption, financial systems and ensure
disaster or cyber problems of contract that the wider
security attacks. manufacturers operations are
For example, or limitations all fully covered.
a significant in their manufacturing
portion of our capacity could Regular meetings
communications limit supply are held with
operations are and/or increase contract manufacturers
located in California cost. and a regular
which has in on-site presence
the past experienced If a cyber-attack is maintained.
natural disasters, were to be successful In addition,
including earthquakes it could result the Group's largest
and wildfires. in loss of data, manufacturing
confidential subcontractor
Contract manufacturers information and has multiple
are used for damage to Spirent's worldwide sites
the manufacture intellectual and comprehensive
of a substantial property, causing business continuity
amount of Spirent's major disruption plans.
products. Spirent's to the business.
major contract There would also During 2016 we
manufacturer be a potential continued with
is located in impact to Spirent's a programme of
Thailand. credibility in work to improve
the security processes and
The incidence market. procedures in
of cyber-crime the area of cyber
continues to security including
rise. Spirent the use of our
is dependent own cyber security
on its information specialists.
technology systems
for both internal
and external
communications
as well as for
its day-to-day
operations.
--------------------------- --------------------------- ----------------------------
EMPLOYEE SKILLBASE
--------------------------------------------------------------------------------------
Spirent is its Intense competition Investing in
employees. Attracting is faced for people is at
and retaining personnel from the core of the
highly qualified other companies Group's strategy.
and skilled employees and organisations The aim is to
is essential and the loss find, keep and
to of key engage the highest
enable the Group employees, the calibre of employees
to deliver on failure to attract and encourage
its strategy and their contribution
and to the retain other and development.
success of the highly skilled An environment
business. employees, that fosters
or the failure innovation and
to adequately collaboration
plan for is critical to
succession may Spirent's success,
impair Spirent's as is ensuring
ability to incentive plans
run and expand are competitive.
the business
effectively Succession planning
for senior posts
in the Company
is reviewed periodically
by the Board.
Appropriate career
paths and internal
recognition programmes
are developed
for both technical
and non-technical
staff.
Regular reviews
are performed
to ensure that
all elements
of compensation
across the Group
are competitive
with the market.
--------------------------- --------------------------- ----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
ACSEAADNASXXEFF
(END) Dow Jones Newswires
March 29, 2017 09:03 ET (13:03 GMT)
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