Calnex Solutions plc provides an update on trading ahead of its Annual General Meeting (AGM). While customers remain cautious in their investment decisions, engagement levels are high and there are signs of optimism for the pipeline in the second half of FY24. The timing of orders, however, remains uncertain. The wider industry also shows a cautiously improving outlook. The Board is confident in delivering results for the year in line with market expectations.

Calnex continues to focus on expanding its business footprint through application-focused promotions of existing products and new product innovation. The company's ability to source components for its products is improving, and any procurement issues are not expected to impact the financial performance in FY24.

The Board remains confident in the long-term growth opportunities for Calnex driven by the need to build new mobile networks for the transition to 5G, ongoing data center investment for cloud computing, and advancements in AI and VR technologies. The company's customer base across multiple regions, expanding product portfolio, and strong balance sheet contribute to the Board's confidence in the future.

Calnex Solutions designs, produces, and markets test and measurement instrumentation and solutions for the telecoms and cloud computing industries. Its portfolio enables R&D, pre-deployment, and in-service testing for network technologies and applications. The company has secured and delivered orders in 68 countries worldwide, with customers including BT, China Mobile, NTT, Ericsson, Nokia, Intel, Qualcomm, IBM, and Meta.