Spirent Communications Plc (LON: SPT) have seen their shares spike after a positive trading update released on Friday.
Shares of Spirent spiked 4.33% to 217p after the pleasing report. 15/11/19 14:19BST.
The FTSE250 (INDEXFTSE: MCX) listed firm did not change their annual expectations after a solid third quarter performance.
The telecoms firm also reported positive 5G and high speed internet testing, where all firms in the market look to upgrade their services.
Eric Upydyke took over as Chief Executive in May and is currently restructuring operations and management at the firm.The changes outlined included a focus on recurring revenue, senior board changes and the development of sales and marketing campaigns.
The Networks & Security sector saw robust growth year on year, which was driven by US Government spending on Spirent’s positioning products.
Updyke said: “I see an ever-increasing number of market opportunities for our technologies but we need to move faster to capture the full opportunity. To ensure that we can best take advantage of these, we are focusing on building more recurring revenue streams over time and to do this we have augmented our experience and capabilities with some new senior leaders. We are also evolving the organisation to further improve the effectiveness of our sales and marketing investment whilst investment in future technologies is undiminished to underpin planned growth.
“We are on track to show full year progress on 2018 with, as in previous years, revenue and earnings performance weighted to the second half of the year and in particular to the final quarter. Our expectations for the full year remain unchanged.”
In a time where competitors have seen mixed headlines, shareholders of Spirent will be pleased.