Linlithgow-based telecoms testing and measurement firm Calnex Solutions plc on Tuesday reported revenue growth of 23% to £22 million in the year to March 31, 2022, and growth in adjusted profit before tax of 18% to £6 million.

A proposed final dividend of 0.56p per share will make a total of 0.84p for the year.

In its outlook, Calnex said: “The business continues to benefit from the evolutionary trends affecting the telecoms sector, notably in 5G and cloud computing.

“Demand for test equipment therefore remains strong and Calnex begins FY23 with a record order book.

“The board remains aware of potential effects of the global semiconductor component shortage on the business,although the group has successfully navigated the challenges to date.

“As a result of the continued high demand for Calnex’s products and services, and the group’s record order book, the board is confident of achieving another successful year of growth in FY23.”

Calnex went public at 48p per share in October 2020 and its shares have since soared to around £1.62 to give the firm a current stock market value of roughly £142 million.

Calnex’s customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Meta.

Calnex CEO Tommy Cook said: “It is with great pride that we are presenting such a strong set of results for Calnex, in what has been a complicated year.

“To deliver record performance, exceeding market expectations, whilst dealing with the effects of a global pandemic and global semiconductor component shortages, is truly exceptional.

“The strength and quality of the Calnex team and the relationships we hold has never been more apparent.

“The transition to 5G and growth in cloud computing continues to drive demand for test instrumentation and Calnex is in a strong position to continue benefitting from these market trends.

“We have made good progress in executing on our strategy, paving the way for accelerated future growth.

“The recent acquisition of iTrinegy represents a move into a new adjacent market and we anticipate accelerated sales in the long-term.

“Furthermore, we have invested in our team and resources, the continued positive response to the new product launches provides optimism with regards to the long-term demand for our offering.

“Whilst looking to the future with a degree of caution given the continuing component shortage situation, we can take confidence from the ability with which we have managed the situation to date, successfully shipping scheduled orders as planned.

“We move into FY23 with a record order book and look to the future with a strong sense of optimism.”