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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.40 | -0.21% | 190.60 | 190.30 | 190.80 | 192.80 | 190.00 | 192.00 | 2,993,959 | 16:35:09 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 474.3M | 25.2M | 0.0435 | 43.79 | 1.1B |
From May 2019 to May 2024
TIDMSPT
RNS Number : 2233U
Spirent Communications PLC
27 March 2019
SPIRENT COMMUNICATIONS PLC
ANNUAL REPORT 2018 AND ASSOCIATED DOCUMENTS
London, UK - 27 March 2019 - Spirent Communications plc (the "Company") (LSE: SPT), a leading communications technology company, announces that its Annual General Meeting will be held on Wednesday 1 May 2019 at 12.30pm at the offices of FTI Consulting, 200 Aldersgate, Aldersgate Street, London EC1A 4HD.
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 2018 -- Notice of 2019 Annual General Meeting -- Form of Proxy for 2019 Annual General Meeting
The Annual Report 2018 and Notice of 2019 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 2018 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 7 March 2019. 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
Deputy Company Secretary plc +44 (0)1293 767676
About Spirent Communications plc
Spirent Communications plc (LSE: SPT) offers test, measurement, analytics and assurance solutions for next-generation devices and networks. Spirent provides products, services and information solutions for high-speed Ethernet, positioning mobile network infrastructure markets, with expanding focus on service assurance, cybersecurity and 5G. Spirent is accelerating the transition of connected devices, network equipment and applications from development labs to the operational network, as it continues to innovate toward fully-automated testing and autonomous service assurance solutions. Further information about Spirent Communications plc can be found at https://corporate.spirent.com/.
Spirent Communications plc Ordinary Shares are traded on the London Stock Exchange (ticker: SPT; LEI: 213800HKCUNWP1916L38). 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
7 March 2019
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 2018.
Appendix C: Our principal risks and uncertainties
RISK POTENTIAL IMPACT MITIGATION ACTIONS
MACRO-ECONOMIC
Spirent is a global Deterioration in The Group closely
business exposed economic conditions monitors both market
to current world and a change to the and geographic trends
economic conditions terms of conventional in order to respond
and political uncertainties international trade to changes in demand
over which it has may lead to a reduction and be in a position
no control. in the level of demand to take timely actions
for Spirent's products to protect profitability
The business is also and services and where possible.
exposed to government cause customers to
spending priorities, delay their purchasing In addition, Spirent
principally in the decisions. has a large number
United States. of geographically
diverse customers,
which may mitigate
the impact of issues
in any one area.
------------------------------- -------------------------------
TECHNOLOGY CHANGE
Spirent sells complex If product development All Spirent's businesses
solutions in industries investment does not work very closely
that can be subject keep pace with the with customers and
to rapid technological speed of change in remain focused on
changes. Testing technologies, or their requirements.
new technologies if it is not directed
drives our business, at the right key Each business makes
but the opportunity areas, our competitive investment decisions
also brings high position and financial specifically related
risk since keeping performance will to their solutions
at the forefront suffer. portfolio based on
of these key future market needs.
technologies is critical If Spirent's solutions
to our success and take longer to develop Spirent continues
to ensuring that than anticipated to focus its investment
we remain competitive or longer to develop into areas that offer
in our markets. than our competitors the most potential
then our competitive for sustainable earnings
It is critical that position and financial growth. In 2018 the
our product development performance will product development
investment is directed also suffer. investment was $96.9
at the right areas million (2017 $103.0
in order to deliver Changes in technologies million).
the solutions that may lead to a short-term
our customers need, pause by our customers Spirent has active
when they need them. investing in our intellectual property
solutions. protection programmes
Spirent's success in place to obtain
is dependent in part Intellectual property appropriate protection
on proprietary technology claims can result in a cost-effective
which may be infringed in significant defence manner.
by others. costs, and may affect
Spirent's ability
Protecting the Group's to market its products.
proprietary technology
is important to enable
Spirent to compete
successfully.
------------------------------- -------------------------------
CUSTOMER DEPENCE / CUSTOMER INVESTMENT PLANS
The Group sells its Loss of one or more Strong customer relationships
products and services of Spirent's major are critical to Spirent.
to a wide range of customers could have We aim to provide
companies and continually a significant impact innovative solutions
seeks to expand its on Spirent's financial which meet
customer base. In results. customers' needs
2018, no one customer and we place great
accounted for more Spend on Spirent's emphasis on providing
than 10 per cent products is often professional
of Group revenue, capital in nature service and support.
although the top and so customer spend One of the Group's
10 customers represented can fluctuate significantly strategic
40 per cent of Group from year-to-year. objectives is to
revenue (2017 41 invest in deepening
per cent). Significant failings our customer relationships.
in either quality We place engineers
In some of our markets or being able to on-site with our
certain customers deliver in the appropriate customers and undertake
have a dominant market timescale could cause site surveys of intended
share, which makes long-lasting damage plans for the use
doing business with to Spirent's reputation of test solutions
these customers and and relationships. in their business.
their suppliers critical
to the success of Over recent years We seek to establish
our business. there has been significant thought leadership
consolidation in in our industry through
In addition, many our customer base participation in
of the companies amongst service providers standards bodies
with which we do and network equipment and industry forums,
business are some manufacturers. This which in turn creates
of the largest global trend continues and additional links
telecommunications often results in with customers.
corporations. delays in spending,
thereby reducing Our approach is to
Therefore meeting demand for Spirent's play a key part in
our development obligations, solutions and services. the wider supply
producing high quality It also reduces the chain to our key
products, and being potential number service provider
on time are vital of customers to whom customers by aligning
to Spirent's reputation those solutions and with early adopters
and success. services could be of technology.
sold.
Changes in our major
customers' priorities Changes in our customers'
in technology investments technology investments
can also have a significant can result in reduced
impact on their spending spending on our existing
on Spirent products solutions before
and on those in the customers and those
customers' supply in the customer's
chain. supply chain increase
spending on new technologies.
The industry continues
to experience consolidation
which does disrupt
the spending patterns
of affected customers.
------------------------------- -------------------------------
BUSINESS CONTINUITY
Operational risks A significant natural An important component
are present in the disaster could disrupt of Spirent's corporate
Group's businesses, the Group's ability governance is its
including the risk to conduct business risk management strategy.
of failed internal and adversely impact IT disaster recovery
and external processes revenue and operating plans are in place
and systems, human results. for all core business
error and external systems and ensure
events, such as a Failed internal and that the wider operations
natural disaster external processes, are all fully covered.
or cyber security systems or human
attacks. For example, error could lead In 2018, we tested
a significant portion to compliance issues. the new Group Business
of our communications Continuity and Disaster
operations are located Disruption, financial Recovery Policy and
in California which problems of contract Procedure.
has in the past experienced manufacturers or
natural disasters, limitations in their Regular meetings
including earthquakes manufacturing capacity are held with contract
and wildfires. could limit supply manufacturers and
and/or increase cost. a regular on-site
Contract manufacturers presence is maintained.
are used for the If a cyber-attack
manufacture of a were to be successful In addition, the
substantial amount it could result in Group's largest manufacturing
of Spirent's products. loss of data, confidential subcontractor has
Spirent's major contract information and damage multiple worldwide
manufacturer is located to Spirent's intellectual sites and comprehensive
in Thailand. property, causing business continuity
major disruption plans.
The incidence of to the business.
cyber crime continues There would also During 2018, we continued
to rise. Spirent be a potential impact with a programme
is dependent on its on Spirent's credibility of work to develop
information technology in the security market. processes and procedures
systems for both in the area of cyber
internal and external security.
communications as
well as for its day-to-day
operations.
------------------------------- -------------------------------
COMPETITION
Spirent operates Actions by competitors The Group's broad
in a range of highly and increased competition solution portfolio,
competitive niche can bring about pressure market-leading capabilities
markets which experience on Spirent's gross and customer focus
rapid technological margin. continue to address
change. In order this risk.
to compete effectively, These factors could
it is necessary to also affect Spirent's Spirent aims to maintain
establish and maintain competitive position, market leading positions
technological differentiation thereby reducing through significant
in our solutions. revenue and consequently investment in the
affecting financial development of differentiated
The Group faces competition results. products.
from new market start-ups
as well as more established In the last two years, Competitor activity
and well-resourced significant consolidation is closely monitored
companies. has been announced with a view to maintaining
in our sector. The clear differentiation
Industry consolidation consolidation of based on Spirent's
amongst our direct competitors may bring products, services
competitors may bring opportunities for and global reach.
about a shift in Spirent but can also
competitive advantage. change the competitive
landscape as competitors
are able to leverage
product capabilities
or sales channels.
------------------------------- -------------------------------
ACQUISITIONS
A key element of Underperformance Rigorous strategic
Spirent's strategy by acquisitions will and financial evaluations
is to develop new impact the Group's of all acquisition
capabilities and results and may lead opportunities are
technologies, sometimes to impairment of carried out.
through acquisition. goodwill and/or intangible
assets. Detailed financial
Integration of acquisitions and commercial due
can be a complex diligence is performed.
process and the results The Board will only
expected from acquisitions authorise transactions
may not be achieved after all due diligence
due to problems encountered has been successfully
in integration, changes completed and where
in market conditions, the financial hurdles
the rate of adoption are within the agreed
of new technologies, guidelines.
or sometimes deficiencies
arising in the due Integration plans
diligence processes. and processes are
carefully considered
prior to acquisition.
The Board reviews
post-acquisition
performance.
------------------------------- -------------------------------
EMPLOYEE SKILLBASE
Employees are crucial Intense competition Investing in people
to the success of for personnel is is at the core of
our business. Attracting faced from other the Group's strategy.
and retaining highly companies and organisations The aim is to find,
qualified and skilled and the loss of key keep and engage the
employees is essential employees, the failure highest calibre of
to enable the Group to attract and retain employees and encourage
to deliver on its other highly skilled their contribution
strategy and to the employees, or the and development.
success of the business. failure to adequately
plan for succession An environment that
may impair Spirent's fosters innovation
ability to run and and collaboration
expand the business is critical to Spirent's
effectively. success, as is ensuring
incentive plans are
competitive.
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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March 27, 2019 11:44 ET (15:44 GMT)
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