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Spirent Communications (SPT) investor relations material
Spirent Communications H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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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