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Spirent Reports Profit In FY17; Revenue Up 2.4% Excl. Connected Devices

Spirent Communications Plc (SPT.L,SPM) reported profit before tax of $46.6 million for the financial year ended 31 December 2017 compared to a loss of $46.0 million, previous year. Profit per share was 4.71 cents compared to a loss of 6.93 cents. Adjusted profit before tax increased to $59.2 million from $44.2 million. Adjusted basic earnings per share was up 43 percent at 7.55 cents compared to 5.29 cents, prior year.

Fiscal year revenue was $454.8 million compared to $457.9 million, prior year. Order intake was $447.8 million compared to $471.7 million. Overall, Group revenue was broadly level compared to last year and up 2.4 percent excluding Connected Devices, which continues to be managed carefully during the decline of the wireless device testing market. Continuing Group revenue, excluding the DI and DT businesses divested at the end of the first half of 2017, increased 1 percent.

The Board recommended the payment of a final dividend for 2017 of 2.40 cents (1.73 pence) per share which, together with the interim dividend of 1.68 cents (1.27 pence) per share paid in September 2017, brings the full year dividend to 4.08 cents (3.00 pence) per share. This is a 5 percent increase in the full year dividend for 2017 compared to full year 2016. The Board has decided to recommend a special dividend of 5.00 cents (3.60 pence) per share.

Subject to approval by shareholders at the Annual General Meeting on 2 May 2018, the final and special dividends will be paid on 4 May 2018 to shareholders on the register at 16 March 2018.

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