Linlithgow-based telecoms testing and measurement firm Calnex Solutions plc said on Wednesday it has made “solid progress against its strategy” in the first few months of the new financial year and is confident its performance in FY23 will be in line with market expectations.

Calnex published the news in a trading update ahead of its AGM.

Calnex went public at 48p per share in October 2020 and its shares have since soared to around £1.56 to give the firm a current stock market value of roughly £140 million. Calnex shares fell almost 3% on Wednesday.

Calnex’s customers include BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM and Facebook. Calnex is headquartered in Linlithgow with additional locations in Belfast and California, supported by sales teams in China and India.

“The company continues to experience high demand for its range of test and measurement solutions as it benefits from supportive market trends with the transition to 5G and growth in cloud computing and the order book remains strong,” said Calnex.

“As previously reported, the company continues to successfully mitigate the impact of the global semiconductor shortage on its ability to manufacture and ship products, in conjunction with its partners.

“As with the prior year, this may cause monthly revenue to fluctuate, and the board expects there will be an H2 weighting to the group’s trading performance.

“The expansion into adjacent markets, including data centres, represents an exciting new opportunity for Calnex.

“The group continues to build relationships in these verticals.

“Following the acquisition of iTrinegy in April 2022, the group is pleased to report that the integration is progressing as planned.

“Calnex has recently renewed its multi-year contract with long-established partner Spirent Communications plc.

“This is the third renewal since the relationship was established in 2013, demonstrating the continued mutual commitment to growing the relationship for the success of both parties.

“Despite wider global issues, the company’s positive trading performance and the supportive trends within the telecoms sector provide the board with confidence in its ability to deliver on its growth strategy this year and beyond.”