Linlithgow’s Calnex ups revenue 31% in maiden results

Calnex CEO Tommy Cook

Linlithgow-based telecoms testing and measurement firm Calnex Solutions plc published its maiden set of annual results as a public company on Tuesday, showing revenue growth of 31% to £18 million and 43% growth in adjusted profit before tax to £5.1 million for the 12 months ended March 31, 2021.

Statutory profit before tax rose 22% to £3.6 million.

Calnex customers include Ericsson, Nokia, BT, China Mobile, NTT, Intel, Qualcomm, IBM and Facebook.

Founded in 2006, Calnex is headquartered in Linlithgow, with additional locations in Belfast and California, supported by sales teams in China and India. 

The company’s founder and CEO Tommy Cook owns about 21% of the firm. BGF Investment Management owns 15%, and Scottish Enterprise owns 9%.

Calnex went public at 48p per share in October 2020 and since then has risen to around 110p to give the firm a current stock market value of roughly £100 million.

Calnex CEO Tommy Cook said:  In what has been an exceptional year for Calnex, I am delighted to present the group’s maiden full year results.

“Not only did the group experience growth across all product lines and achieve sales of £18.0m, exceeding our initial expectations for the year, but we succeeded in delivering this strong performance whilst navigating the global pandemic and starting our next chapter as a public company.

“As demonstrated this year, as well as in previous years, our growth strategy and business model provide a strong platform for sustainable growth.

“Looking ahead, the underlying market growth drivers provide us with confidence that the long-term demand for telecoms test and measurement instrumentation and solutions will continue to expand.

“We are confident that our breadth of product offering, depth of customer relationships and the strong underlying market drivers mean Calnex is well positioned and we anticipate that results in FY22 will be consistent with FY21, representing further growth when taking into account the impact of COVID-19 on FY21 through accelerated revenues and travel savings.

“We see a significant opportunity for both organic and acquisitive growth in the medium term and look to the future with confidence.”