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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 | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.30 | -0.15% | 194.70 | 194.00 | 194.40 | 195.00 | 193.00 | 194.00 | 3,609,998 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Communications Equip, Nec | 474.3M | 25.2M | 0.0435 | 44.62 | 1.12B |
From Apr 2019 to Apr 2024
TIDMSPT
RNS Number : 4007H
Spirent Communications PLC
24 March 2020
SPIRENT COMMUNICATIONS PLC
ANNUAL REPORT 2019 AND ASSOCIATED DOCUMENTS
London, UK - 24 March 2020 - Spirent Communications plc (the "Company") (LSE: SPT), a leading communications technology company, announces that its Annual General Meeting will be held on Wednesday 29 April 2020 at 10.30am at the Company's registered office at Origin One, 108 High Street, Crawley, West Sussex, RH10 1BD.
At the time of this announcement it is impossible to predict what impact Covid-19 might have on our Annual General Meeting. We are working towards holding the Annual General Meeting as scheduled, however, in the light of Government advice issued on 23 March 2020, we strongly urge shareholders not to attend the AGM in person this year.
Our AGM format this year will be purely functional in format to comply with the relevant legal requirements.
We will update shareholders of any changes to arrangements through the AGM information page of our website at http://corporate.spirent.com/ and by announcement via a Regulatory Information Service. We encourage all shareholders to exercise their right to appoint a proxy by voting online in advance of the meeting by logging on to www.sharevote.co.uk , or by returning a completed proxy card.
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 2019 -- Notice of 2020 Annual General Meeting -- Form of Proxy for 2020 Annual General Meeting
The Annual Report 2019 and Notice of 2020 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 2019 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 5 March 2020. 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
5 March 2020
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 2019.
Appendix C: Our principal risks and uncertainties
RISK POTENTIAL IMPACT MITIGATING ACTIONS
MACRO-ECONOMIC CHANGE
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 and international trade to changes in demand
trade embargo uncertainties and embargoing of and be in a position
over which it has specific customers to take timely actions
no control. The business may lead to a reduction to protect profitability
is also exposed to in the level of demand where possible.
government spending for Spirent's products
priorities, principally and services and In addition, Spirent
in the United States. cause customers to has a large number
delay their purchasing of geographically
decisions. 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 its 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 2019 the
our product development performance will product development
investment is directed also suffer. investment was $96.5
at the right areas million (2018 $96.9
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
Open-source tools to market its products.
become more prevalent
providing some of Competition from
the functionality open-source tools
of our products. which customers may
seek to use to meet
part of their testing
needs.
--------------------------------------- -------------------------------
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 customers'
customer base. In results. needs and we place
2019, no one customer great emphasis on
accounted for more Spend on Spirent's providing professional
than 10 per cent products is often service and support.
of Group revenue, capital in nature
although the top and so customer spend One of the Group's
ten customers represented can fluctuate significantly strategic objectives
42 per cent of Group from year-to-year. is to invest in deepening
revenue (2018 40 our customer relationships.
per cent). Significant failings We place engineers
in either quality on site with our
In some of our markets or being able to customers and undertake
certain customers deliver in the appropriate site surveys of intended
have a dominant market timescale could cause plans for the use
share, which makes long-lasting damage of test solutions
doing business with to Spirent's reputation in their business.
these customers and and relationships.
their suppliers critical We seek to establish
to the success of Over recent years thought leadership
our business. there has been significant in our industry through
consolidation in participation in
In addition, many our customer base standards bodies
of the companies amongst service providers and industry forums,
with which we do and network equipment which in turn creates
business are some manufacturers. This additional links
of the largest global trend continues and with customers. Our
telecommunications often results in approach is to play
corporations. Therefore delays in spending, a key part in the
meeting our development thereby reducing wider supply chain
obligations, producing demand for Spirent's to our key service
high quality products solutions and services. provider customers
and being on time It also reduces the by aligning with
are vital to Spirent's potential number early adopters of
reputation and success. of customers to which technology.
those solutions and
Changes in our major services could be
customers' priorities sold.
in technology investments
can also have a significant Changes in our customers'
impact on their spending technology investments
on Spirent products can result in reduced
and on those in the spending on our existing
customers' supply solutions before
chain. customers and those
in the customers'
The industry continues supply chains increase
to experience consolidation spending on new technologies.
which does disrupt
the spending patterns
of affected customers.
--------------------------------------- -------------------------------
BUSINESS CONTINUITY
Operational risks A significant natural An important component
are present in the disaster or global of Spirent's corporate
Group's businesses, pandemic could disrupt governance is its
including the risk the Group's ability risk management strategy.
of failed internal to conduct business IT disaster recovery
and external processes and adversely impact plans are in place
and systems, human revenue and operating for all core business
error and external results. systems and ensure
events, such as a that the wider operations
natural disaster, Failed internal and are all fully covered.
a global pandemic external processes, In 2018, we tested
or cybersecurity systems or human the new Group Business
attacks. For example, error could lead Continuity and Disaster
a significant portion to compliance issues. Recovery Policy and
of our communications Procedure.
operations are located Trade compliance
in California which issues continue to Regular meetings
has in the past experienced remain a focus, particularly are held with contract
natural disasters, with China. manufacturers and
including earthquakes a regular on-site
and wildfires. Disruption, financial presence is maintained.
problems of contract In addition, the
Contract manufacturers manufacturers or Group's largest manufacturing
are used for the limitations in their subcontractor has
manufacture of a manufacturing capacity multiple worldwide
substantial amount could limit supply sites and comprehensive
of Spirent's products. and/or increase cost. business continuity
Spirent's major contract plans.
manufacturer is located If a cyber attack
in Thailand. were to be successful During 2019, we continued
it could result in with a programme
The incidence of loss of data, and of work to develop
cybercrime continues confidential information processes and procedures
to rise. Spirent and damage to Spirent's in the area of cybersecurity.
is dependent on its intellectual property,
information technology causing major disruption
systems for both to the business.
internal and external There would also
communications as be a potential impact
well as for its day-to-day on Spirent's credibility
operations. in the security market.
--------------------------------------- -------------------------------
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. These factors continue to address
change. In order could also affect this risk.
to compete effectively, Spirent's competitive
it is necessary to position, thereby Spirent aims to maintain
establish and maintain reducing revenue market-leading positions
technological differentiation and consequently through significant
in our solutions. affecting financial investment in the
results. development of differentiated
The Group faces competition products.
from new market start-ups Consolidation continues
as well as more established within our sector. Competitor activity
and well-resourced The consolidation is closely monitored
companies. of competitors may with a view to maintaining
bring opportunities clear differentiation
Industry consolidation for Spirent but can based on Spirent's
amongst our direct also change the competitive products, services
competitors may bring landscape as competitors and global reach.
about a shift in are able to leverage
competitive advantage. product capabilities
or sales channels.
--------------------------------------- -------------------------------
ACQUISITIONS
A key emerging element Underperformance Rigorous strategic
of 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. Detailed
through acquisition. goodwill and/or intangible financial and commercial
assets. due diligence is
Integration of acquisitions performed. The Board
can be a complex will only authorise
process and the results transactions after
expected from acquisitions all due diligence
may not be achieved has been successfully
due to problems encountered completed and where
in integration, changes the financial hurdles
in market conditions, are within the agreed
the rate of adoption guidelines.
of new technologies,
or sometimes deficiencies Integration plans
arising in the due and processes are
diligence processes carefully considered
prior to acquisition.
The Board reviews
post-acquisition
performance.
--------------------------------------- -------------------------------
EMPLOYEE SKILL BASE
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 An environment that
plan for succession fosters innovation
may impair Spirent's and collaboration
ability to run and is critical to Spirent's
expand the business success, as is ensuring
effectively. 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
ACSEADDLAADEEFA
(END) Dow Jones Newswires
March 24, 2020 09:34 ET (13:34 GMT)
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