Linlithgow's Calnex Solutions bullish over performance in current financial year

Linlithgow-based, telecoms-focused Calnex Solutions has said it expects its full-year performance to dovetail with market expectations, and sees reasons to be bullish over its ability to deliver on its growth strategy.

The firm, which is quoted on London’s Alternative Investment Market after in 2020 undertaking an initial public offering that raised £22.5 million, said in a trading update that it has made “solid” progress against its strategy in the first few months of the new financial year.

It said in May that revenue in the 12 months ended March 31 grew about a quarter from the prior year to £22m while pre-tax profit increased 18 per cent to £6m.

Calnex has now said it continues to experience good demand for its test and measurement products, while its order book remains robust.

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The business – led by chief executive Tommy Cook and earlier this year was honoured with two Queen’s Awards for Enterprise – reiterated that it continues to mitigate the impact of the global semiconductor shortage on its ability to manufacture and ship products, and added that as with the prior year, this may cause monthly revenue to fluctuate, with the board expecting a second-half weighting to its trading performance.

Calnex added that it sees strong potential from expansion into adjacent markets, including data centres, while it noted that the integration of iTrinegy, a £3.5m acquisition it announced in April of this year, is progressing as planned.

“Despite wider global issues, the company's positive trading performance and the supportive trends within the telecoms sector provide the board with confidence in its ability to deliver on its growth strategy this year and beyond,” the firm added.

The business is led by founder and chief executive Tommy Cook. Picture: Peter Devlin.