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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Spirent Communications
Spirent Communications (SPT) investor relations material
Spirent Communications has been acquired by Viavi Solutions Inc
Spirent Communications H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary5 Aug, 2025
Executive summary
Revenue grew 5% year-over-year to $208.1 million, with order intake up 9% and strong AI testing demand despite macroeconomic and telco sector challenges.
Adjusted operating profit rose 50% to $7.5 million, while reported operating loss widened due to higher share-based payments and acquisition costs.
Innovation continued with new launches in AI Ultra Ethernet, lunar positioning simulation, and Wi-Fi 7 solutions.
Maintained disciplined cost and cash management, with no bank debt and a strengthened cash position.
Acquisition by Keysight Technologies is progressing, with regulatory clearances obtained and completion expected by 29 September 2025.
Financial highlights
Revenue reached $208.1 million (up from $197.3 million), order intake $206.5 million (up 9%), and gross margin improved to 71.3% from 70.0%.
Adjusted operating profit grew to $7.5 million; adjusted EPS rose to 1.45 cents; reported basic loss per share was 2.15 cents.
Adjusted profit before tax was $8.9 million, up 31% year-over-year.
Cash position strengthened to $157.3 million, up 20% year-over-year, with no bank debt.
Free cash flow was $19.1 million, down from $31.1 million year-over-year.
Outlook and guidance
Market conditions remain challenging, especially in telecom, but a positive medium-term outlook is maintained.
Growth expected from strong orderbook, AI data centre traction, 5G assurance, and Positioning/Wi-Fi 7 demand.
Effective tax rate expected in the range of 10-12%, with actual rate at 7% on adjusted profit.
Focus remains on execution, innovation, and diversification to capture growth as markets recover.
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Latest events from Spirent Communications
- Weaker FY23 results and uncertain recovery accompany a board-recommended 175p VIAVI offer.SPT
H2 2023 - Q3 revenue growth and strong order wins signal resilience amid market headwinds.SPTQ3 2024 TU
- Revenue declined 12% as sector headwinds and acquisition delays weighed, but diversification advanced.SPTTrading Update
- Q1 2025 performance met expectations; Keysight deal on track for completion by July.SPTTrading Update
- Strong orderbook and disciplined cost control position Spirent for 2025 growth.SPTH2 2024
- Remuneration policy and LTIP 2024 approved; 2025 consultation underway post-acquisition changes.SPTTrading Update
Spirent Communications
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Frequently asked questions
Spirent Communications plc provides automated test and assurance solutions for networks, cybersecurity, and positioning in the Americas, the Asia Pacific, Europe, the Middle East, and Africa. The company operates in Lifecycle Service Assurance and Networks & Security segments. The Lifecycle Service Assurance segment provides testing solutions for 5G mobile core networks, and cellular and Wi-Fi devices in the lab, as well as diagnoses, troubleshoots, and resolves issues with production networks and services. The Networks & Security segment develops test methodologies, tools, and services for virtualised networks, cloud, and proactive security validation; and offers Ethernet/IP performance testing solutions, as well as provides navigation satellite system test and simulation solutions while addressing opportunities in the broader positioning, navigation, and timing market.