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 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.
The business “continues to benefit from the evolutionary trends affecting the telecoms sector, notably in 5G and cloud computing”, and has hailed achievements from April onwards, including securing two Queen’s Awards for Enterprise, and the completion of its £3.5m acquisition of iTrinegy, a developer of software defined test networks technology, taking staff headcount to 136 at present.
Further acquisition opportunities are being mulled, with Calnex also bullish about achieving another successful year of growth in the current 12-month period. It added that it remains aware of potential effects of the global semiconductor component shortage on the business, but has “successfully navigated” such challenges to date.
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