Linlithgow-based telecoms testing and measurement firm Calnex Solutions plc said it grew revenues by 38% to £12.7 million and profit before tax by 34% to £3.1 million in the six months to September 30.

“The group has experienced continued strong revenue performance across its product lines, with the ongoing transition to 5G and the growth in cloud computing continuing to drive demand for test instrumentation and network validation,” said Calnex.

The Linlithgow firm said it continues to successfully mitigate the impacts of the global semiconductor shortage, successfully shipping scheduled orders as planned, and has entered the second half of FY23 with a strong order book.

Calnex said the acquisition of iTrinegy has expanded the group’s offering into the application testing market and the group’s organic R&D efforts continue to enhance the existing product portfolio.

Calnex CEO Tommy Cook said: “We are pleased to deliver a strong financial performance during the period, significantly increasing revenue and profit, while continuing to invest in our team’s capabilities and offering.

“We were delighted to successfully complete the integration of the iTrinegy team into the group during the period.

“Whilst it is sensible to look to the future with a degree of caution given the continuing component shortages and global macro-economic challenges, the company’s positive trading performance during the period and proven ability to manage component shortages underpin the board’s confidence that the group’s performance for FY23 will be in line with market expectations.

“The breadth of our customer base across multiple regions, ongoing successful expansion of the team and offering, and wealth of industry connections combine to place Calnex in a strong position to continue to benefit from the underlying long-term growth drivers in the telecoms and cloud computing markets.”