Spirent Communications' Half-Year Report for 2009

Highlights are
* Revenue for the first half-year grew 15 per cent to £139.1 million (first half 2008: £120.5 million) as a result of currency benefit; at constant currencies revenue was down 10 per cent.
* Operating profit up 14 per cent at £24.0 million (first half 2008: £21.0 million); at constant currencies operating profit was down 16 per cent.
* Adjusted earnings per share up 13 per cent at 3.01 pence (first half 2008: 2.67 pence) after charging 0.12 pence (first half 2008: 0.16 pence) for share-based payment and amortisation of intangibles.
* Interim dividend increased by 10 per cent to 0.55 pence per share payable in September 2009 (first half 2008: 0.50 pence).
* Free cash flow of £27.1 million representing 19 per cent of sales (first half 2008: £17.8 million). Closing cash of £80.5 million (31 December 2008: £59.7 million).
* Maintained healthy order book and financial position.

Bill Burns, Chief Executive Officer, commented:

In difficult market conditions, Spirent has maintained profitability and gained market share. We have introduced new products and technologies unabated allowing us to deliver best-in-class solutions to our customers in growing markets such as Smartphones. Revenue in the key Performance Analysis business was in line with expectations which, combined with the benefits realised from careful cost management, resulted in a solid first half performance. Whilst the market remains challenging, Spirent is in good shape to deliver on our expected performance in 2009.